AMG Funds IV N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number                811-08004                

                             Aston Funds                        

(Exact name of registrant as specified in charter)

120 North LaSalle Street, 25th Floor

                                 Chicago, IL 60602                                

(Address of principal executive offices) (Zip code)

Jeffrey T. Cerutti, President, Chief Executive Officer and Principal Executive Officer

Aston Funds

120 North LaSalle Street, 25th Floor

                                 Chicago, IL 60602                                

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (312) 268-1400

Date of fiscal year end:    October 31

Date of reporting period:    April 30, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Semi Annual Report 2016

April 30, 2016

Class N, I & R Shares

Equity

Fixed Income

Alternative

International

Sector

Balanced

This Privacy Statement is not part of the Semi Annual Report

PRIVACY STATEMENT

At Aston Funds, we appreciate the privacy concerns and expectations of our customers and we have established the following policies to maintain the privacy of information you share with us.

INFORMATION WE COLLECT

We collect and retain nonpublic personal information about you that may include:

• Information we receive on your account applications or other forms such as your name, address, financial information and/or social security number;

• Information we receive about your mutual fund transactions, such as purchases, sales, exchanges and account balances; and

• Information we collect through the use of Internet “cookies” when you access our website. Cookies are software files we use to track which of our sites you visit.

INFORMATION WE MAY SHARE

We do not sell any of your nonpublic personal information to third parties. We may share the information we collect with affiliates or with non-affiliated third parties only when those parties are acting on our behalf in servicing your account, or as required by law. These third parties may include:

• Administrative service providers who, for example, process transactions for your account, print checks or prepare account statements;

• Companies that provide services for us to help market our products to you; and

• Governmental or other legal agencies, as required by law

When information is shared with third parties, they are legally obligated to maintain the confidentiality of the information and to limit their use of it to servicing your account, except as permitted or required by law.

CONFIDENTIALITY AND SECURITY

We restrict access to your nonpublic personal information to authorized employees who need to access such information in order to provide services or products to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

As previously mentioned, we may collect information through the use of Internet “cookies” on our Web site. In addition, in order to provide you with access to your account via the web, it is necessary for us to collect certain nonpublic personal information such as your name, social security number and account information. Special measures such as data encryption and authentication apply to all nonpublic personal information and communications on our Web site.

APPLICABILITY

Our privacy policies apply only to those individual investors who have a direct customer relationship with us. If you are an individual shareholder of record of any of the Funds, the Funds consider you to be their customer. Shareholders purchasing or owning shares of any of the Funds through their bank, broker, or other financial institution should also consult that financial institution’s privacy policies.

Aston Funds values your business. We understand the importance of maintaining the integrity of your personal information and are committed to keeping your trust. Please contact us at 800-992-8151 if you have any questions concerning our policy, or visit us at www.astonfunds.com for additional copies of this policy.

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Aston Funds

Large Cap Funds

ASTON/Cornerstone Large Cap Value Fund

ASTON/Fairpointe Focused Equity Fund

ASTON/River Road Focused Absolute Value Fund

ASTON/Herndon Large Cap Value Fund

ASTON/Montag & Caldwell Growth Fund

Equity Income Funds

ASTON/River Road Dividend All Cap Value Fund

ASTON/River Road Dividend All Cap Value Fund II

Mid Cap Funds

ASTON/Fairpointe Mid Cap Fund

ASTON/Montag & Caldwell Mid Cap Growth Fund

Table of Contents

Performance Summary	2
Schedules of Investments	4
Statements of Assets and Liabilities	68
Statements of Operations	74
Statements of Changes in Net Assets	80
Financial Highlights	91
Notes to Financial Statements	146
Additional Information	164

Small Cap Funds

ASTON/LMCG Small Cap Growth Fund

ASTON/River Road Independent Value Fund

ASTON/River Road Select Value Fund

ASTON/River Road Small Cap Value Fund

ASTON/Silvercrest Small Cap Fund

ASTON Small Cap Fund

(formerly, ASTON/TAMRO Small Cap Fund)

Fixed Income Funds

ASTON/DoubleLine Core Plus Fixed Income Fund ASTON/TCH Fixed Income Fund

Alternative Funds

ASTON/Anchor Capital Enhanced Equity Fund

ASTON/Lake Partners LASSO Alternatives Fund

ASTON/River Road Long-Short Fund

International Funds

ASTON/Barings International Fund

ASTON/Guardian Capital Global Dividend Fund

ASTON/LMCG Emerging Markets Fund

ASTON/Pictet International Fund

ASTON/Value Partners Asia Dividend Fund

Sector Fund

ASTON/Harrison Street Real Estate Fund

Balanced Fund

ASTON/Montag & Caldwell Balanced Fund

This report is submitted for general information to the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus which includes details regarding the funds’ objectives, policies, expenses and other information.

Aston Funds are distributed by Foreside Funds Distributors LLC, 400 Berwyn Park, 899 Cassatt Road, Berwyn, PA 19312

Shareholder Services 800-992-8151  •  www.astonfunds.com

NOT FDIC INSURED   •   NO BANK GUARANTEE  •  MAY LOSE VALUE

Aston Funds

	As of April 30, 2016
Performance Summary (unaudited)

					Average Annual Total Returns
	Class		Six Month Total Return (a)		One Year		Five Year		Ten Year		Since Inception			Total Expense Ratio (b)			Net Expense Ratio (b)			Inception Date
Equity
ASTON/Cornerstone Large Cap Value Fund (c)		N		-0.96		-9.91		5.64		4.29		7.07			1.19	%		1.15	%		01/04/93
		I		-0.85		-9.66		5.91		4.56		5.20			0.94			0.90			09/20/05
ASTON/Fairpointe Focused Equity Fund (c)		N		-0.98		-11.68		NA		NA		-5.70			3.02			1.16			12/24/14
		I		-0.87		-11.47		NA		NA		-5.47			2.77			0.91			12/24/14
ASTON/River Road Focused Absolute Value Fund (c)		N		NA		NA		NA		NA		1.30	(d)		4.25			1.01			11/03/15
		I		NA		NA		NA		NA		1.40	(d)		4.00			0.76			11/03/15
ASTON/Herndon Large Cap Value Fund (c)		N		-5.29		-11.99		4.64		NA		7.16			1.16			1.14			03/31/10
		I		-5.16		-11.81		4.90		NA		5.86			0.91			0.89			03/02/11
ASTON/Montag & Caldwell Growth Fund		N		-2.28		2.21		8.97		7.01		8.85			1.06			1.06			11/02/94
		I		-2.16		2.51		9.24		7.29		7.47			0.81			0.81			06/28/96
		R		-2.38		2.02		8.71		6.76		7.20			1.31			1.31			12/31/02
ASTON/River Road Dividend All Cap Value Fund		N		5.68		1.74		9.74		7.15		7.95			1.10			1.10			06/28/05
		I		5.81		1.99		10.02		NA		6.00			0.85			0.85			06/28/07
ASTON/River Road Dividend All Cap Value II Fund		N		5.50		1.70		NA		NA		11.81			1.15			1.15			06/27/12
		I		5.63		1.96		NA		NA		12.10			0.90			0.90			06/27/12
ASTON/Fairpointe Mid Cap Fund		N		1.46		-10.06		8.52		9.32		12.00			1.11			1.11			09/19/94
		I		1.59		-9.84		8.79		9.60		9.34			0.86			0.86			07/06/04
ASTON/Montag & Caldwell Mid Cap Growth Fund (c)		N		-0.02		-2.13		7.28		NA		4.78			2.11			1.26			11/02/07
		I		0.08		-1.95		NA		NA		5.50			1.86			1.01			05/14/14
ASTON/LMCG Small Cap Growth Fund (c)		N		-15.53		-20.63		4.54		NA		8.60			1.54			1.36			11/03/10
		I		-15.49		-20.44		NA		NA		5.23			1.29			1.11			06/01/11
ASTON/River Road Independent Value Fund (c)		N		8.49		4.17		3.18		NA		4.61			1.48			1.46			12/31/10
		I		8.69		4.41		NA		NA		3.39			1.23			1.21			06/01/11
ASTON/River Road Select Value Fund (c)		N		3.62		1.49		7.78		NA		4.71			1.52			1.52			03/29/07
		I		3.78		1.81		8.09		NA		4.54			1.27			1.27			06/28/07
ASTON/River Road Small Cap Value Fund		N		1.11		1.03		7.40		4.90		6.69			1.39			1.39			06/28/05
		I		1.27		1.36		7.68		NA		4.21			1.14			1.14			12/13/06
ASTON/Silvercrest Small Cap Fund (c)		N		-0.99		-0.92		NA		NA		11.60			1.47			1.40			12/27/11
		I		-0.85		-0.65		NA		NA		11.89			1.22			1.15			12/27/11
ASTON Small Cap Fund (c)		N		-6.94		-12.35		2.35		4.43		8.83			1.42			1.42			11/30/00
		I		-6.84		-12.16		2.59		4.68		6.42			1.17			1.17			01/04/05
Fixed Income
ASTON/Doubleline Core Plus Fixed Income Fund (c)		N		2.05		1.18		NA		NA		5.03			1.08			0.97			07/18/11
		I		2.08		1.33		NA		NA		5.27			0.83			0.72			07/18/11
ASTON/TCH Fixed Income Fund (c)		N		2.36		-0.68		3.76		5.58		5.51			1.19			0.95			12/13/93
		I		2.49		-0.43		3.98		5.80		5.63			0.94			0.70			07/31/00

2

Aston Funds

	As of April 30, 2016
Performance Summary (unaudited) – continued

					Average Annual Total Returns
	Class		Six Month Total Return (a)		One Year		Five Year		Ten Year		Since Inception			Total Expense Ratio (b)			Net Expense Ratio (b)			Inception Date
Alternative
ASTON/Anchor Capital Enhanced Equity Fund		N		0.54		-4.59		3.38		NA		3.58			1.19	%		1.19	%		01/15/08
		I		0.68		-4.33		3.64		NA		5.01			0.94			0.94			03/03/10
ASTON/Lake Partners LASSO Alternatives Fund (c)		N		-1.59		-4.58		1.27		NA		2.91			3.21			3.18			03/03/10
		I		-1.50		-4.34		1.51		NA		4.94			2.96			2.93			04/01/09
ASTON/River Road Long-Short Fund (c)		N		-1.60		-2.11		NA		NA		4.61			2.93			2.93			05/04/11
		I		-1.50		-1.92		NA		NA		2.82			2.68			2.68			03/04/13
International
ASTON/Barings International Fund (c)		N		-4.06		-7.49		0.69		NA		3.96			2.11			1.40			03/03/10
		I		-3.95		-7.23		0.96		NA		-2.04			1.86			1.15			11/02/07
ASTON/Guardian Capital Global Dividend Fund (c)		N		-1.31		-3.88		NA		NA		2.35			3.55			1.30			04/14/14
		I		-1.10		-3.50		NA		NA		2.59			3.30			1.05			04/14/14
ASTON/LMCG Emerging Markets Fund (c)		N		-2.83		-21.87		NA		NA		-7.65			6.31			1.47			03/28/13
		I		-2.67		-21.68		NA		NA		-7.35			6.06			1.22			03/28/13
ASTON/Pictet International Fund (c)		N		0.15		-3.87		NA		NA		-1.79			1.82			1.40			04/14/14
		I		0.20		-3.62		NA		NA		-1.48			1.57			1.15			04/14/14
ASTON/Value Partners Asia Dividend Fund (c)		N		NA		NA		NA		NA		1.50	(d)		3.74			1.41			12/16/15
		I		NA		NA		NA		NA		1.50	(d)		3.49			1.16			12/16/15
Sector
ASTON/Harrison Street Real Estate Fund (c)		N		5.48		8.63		8.37		5.18		8.64			2.20			1.37			12/30/97
		I		5.60		8.85		8.63		5.43		6.35			1.95			1.12			09/20/05
Balanced
ASTON/Montag & Caldwell Balanced Fund (c)		N		-0.38		2.87		6.48		5.96		7.43			1.60			1.36			11/02/94
		I		-0.33		2.97		6.61		6.12		4.26			1.35			1.11			12/31/98

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s shares, upon redemption may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit our website at www.astonfunds.com.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

^(a)  Not annualized.

^(b)  The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

^(c)  Certain expenses were subsidized or recouped. If these subsidies or recoupment were not in effect, the returns would have been lower or higher, respectively. The Adviser is contractually obligated to waive management fees and/or reimburse expenses through February 28, 2017.

^(d)  Returns are cumulative since inception and are not annualized.

The stocks of small- and mid-cap companies may be subject to a higher degree of market risk because they tend to be more volatile and less liquid. Bond and balanced funds have the same interest rate, high yield, and credit risks associated with the underlying bonds in the portfolio, all of which could reduce a fund’s value. By selling covered call options, a fund limits its opportunity to profit from an increase in the price of the underlying stock above the exercise price, but continues to bear the risk of a decline in the stock. Sector funds may be subject to a higher degree of market risk because of concentration in a specific industry sector. International investing may include the risk of social and political instability, market illiquidity and currency volatility. Emerging markets securities tend to be more volatile and less liquid than securities traded in developed countries. Hedged mutual funds may use derivative instruments, short selling, leveraging and investing in commodities, commodity-linked instruments and non-U.S. companies that involve significant risks.

3

Aston Funds

ASTON/Cornerstone Large Cap Value Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.56%
		Consumer Discretionary – 14.06%
	62,875	BorgWarner	$	2,258,470
	20,200	Dollar General		1,654,582
	88,475	Gap		2,050,850
	71,500	Magna International (Canada)		3,004,430
	37,325	VF		2,353,341
				11,321,673
		Energy – 7.54%
	31,375	Chevron		3,205,898
	83,775	Ensco, Class A (United Kingdom)		1,001,949
	35,275	Royal Dutch Shell, Class A SP ADR		1,865,695
				6,073,542
		Financials – 29.89%
	21,725	Chubb (Switzerland)		2,560,509
	27,025	American Express		1,768,246
	44,150	Capital One Financial		3,196,019
	63,250	Citigroup		2,927,210
	59,050	JPMorgan Chase		3,731,960
	45,450	Lincoln National		1,974,802
	31,450	PNC Financial Services Group		2,760,681
	38,475	State Street		2,396,992
	64,750	U.S. Bancorp		2,764,177
				24,080,596
		Healthcare – 4.93%
	35,450	Johnson & Johnson		3,973,236
		Industrials – 19.72%
	20,800	Boeing		2,803,840
	25,500	Cummins		2,984,265
	29,050	Honeywell International		3,319,543
	25,100	Norfolk Southern		2,261,761

Shares				Market Value
			Industrials (continued)
	21,175		Parker-Hannifin	$	2,456,723
	8,780		WW Grainger		2,059,086
					15,885,218
			Information Technology – 20.42%
	4,430		Alphabet, Class A *		3,135,908
	19,048		Apple		1,785,560
	126,275		Cisco Systems		3,471,300
	68,925		Microsoft		3,437,290
	88,725		Oracle		3,536,578
	26,475		Western Digital		1,081,901
					16,448,537
			Total Common Stocks (Cost $84,513,312)		77,782,802
	INVESTMENT COMPANY – 3.89%
	3,135,184	��	BlackRock Liquidity Funds TempFund Portfolio		3,135,184
			Total Investment Company (Cost $3,135,184)		3,135,184
	Total Investments – 100.45% (Cost $87,648,496)**				80,917,986
	Net Other Assets and Liabilities – (0.45)%				(360,400	)
	Net Assets – 100.00%			$	80,557,586

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	2,289,277
Gross unrealized depreciation		(9,019,787	)
Net unrealized depreciation	$	(6,730,510	)

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

4

Aston Funds

ASTON/Fairpointe Focused Equity Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.98%
		Consumer Discretionary – 24.69%
	11,000	21st Century Fox, Class A	$	332,860
	4,100	Carnival		201,105
	11,800	Discovery Communications, Class C *		316,004
	3,200	Interpublic Group		73,408
	4,700	Liberty Interactive, Class A *		123,140
	17,900	News, Class A		222,318
	5,700	Scholastic		207,366
	15,800	Staples		161,160
				1,637,361
		Consumer Staples – 10.04%
	2,300	PepsiCo		236,808
	4,200	Unilever, SP ADR (Great Britain)		188,412
	3,600	Wal-Mart Stores		240,732
				665,952
		Energy – 11.54%
	3,600	Apache		195,840
	2,800	Baker Hughes		135,408
	8,500	BP, SP ADR (Great Britain)		285,430
	13,400	Transocean (Switzerland)		148,472
				765,150
		Financials – 7.75%
	6,700	Legg Mason		215,137
	4,200	Northern Trust		298,536
				513,673
		Healthcare – 7.40%
	4,600	Boston Scientific *		100,832
	4,600	Hologic *		154,514
	2,900	Varian Medical Systems *		235,422
				490,768

Shares			Market Value
		Industrials – 9.94%
	3,200	AGCO	$	171,104
	3,800	Fluor		207,708
	12,000	Kennametal		280,560
				659,372
		Information Technology – 20.28%
	8,400	Cisco Systems		230,916
	9,300	Cree *		227,943
	4,100	EMC		107,051
	17,900	Hewlett Packard Enterprise		298,214
	21,000	HP		257,670
	8,800	Teradata *		222,640
				1,344,434
		Materials – 7.34%
	5,800	FMC		250,908
	6,800	Greif, Class A		235,960
				486,868
		Total Common Stocks (Cost $6,848,146)		6,563,578
	INVESTMENT COMPANY – 2.34%
	155,179	BlackRock Liquidity Funds TempFund Portfolio		155,179
		Total Investment Company (Cost $155,179)		155,179
	Total Investments – 101.32% (Cost $7,003,325)**			6,718,757
	Net Other Assets and Liabilities – (1.32)%			(87,473	)
	Net Assets – 100.00%		$	6,631,284

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	286,061
Gross unrealized depreciation		(570,629	)
Net unrealized depreciation	$	(284,568	)

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

5

Aston Funds

ASTON/River Road Focused Absolute Value Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 84.64%
		Consumer Discretionary – 20.70%
	4,967	Comcast, Class A	$	301,795
	5,103	Kohl’s		226,063
	4,438	Liberty Broadband, Class C *		254,075
	6,369	Liberty Ventures, Class A *		254,760
	2,779	Omnicom Group		230,574
	2,784	Ralph Lauren		259,497
	5,398	Time Warner		405,606
				1,932,370
		Consumer Staples – 2.91%
	7,531	Ingles Markets, Class A		271,643
		Energy – 2.41%
	6,977	PBF Energy, Class A		224,520
		Financials – 30.44%
	7,695	Allied World Assurance Co Holdings AG (Switzerland)		273,788
	4,611	Berkshire Hathaway, Class B *		670,808
	10,567	Communications Sales & Leasing, REIT		245,471
	26,955	FNFV Group *		290,305
	9,457	Iron Mountain, REIT		345,464
	7,043	Oaktree Capital Group MLP		340,247
	7,901	U.S. Bancorp		337,294
	6,767	Wells Fargo		338,215
				2,841,592
		Industrials – 19.46%
	7,718	Cubic		320,837
	3,981	Emerson Electric		217,482
	12,400	SP Plus *		276,272
	3,313	UniFirst		359,063
	4,100	Union Pacific		357,643
	9,565	Viad		284,559
				1,815,856

Shares			Market Value
		Information Technology – 5.37%
	7,301	Blackhawk Network Holdings *	$	234,581
	11,669	Rackspace Hosting *		266,870
				501,451
		Materials – 3.35%
	2,662	Praxair		312,679
		Total Common Stocks (Cost $7,529,034)		7,900,111
	INVESTMENT COMPANY – 0.79%
	73,813	BlackRock Liquidity Funds TempFund Portfolio		73,813
		Total Investment Company (Cost $73,813)		73,813
	Total Investments – 85.43% (Cost $7,602,847)**			7,973,924
	Net Other Assets and Liabilities – 14.57%			1,359,770
	Net Assets – 100.00%		$	9,333,694

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	486,795
Gross unrealized depreciation		(115,718	)
Net unrealized appreciation	$	371,077

MLP Master Limited Partnership

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

6

Aston Funds

ASTON/Herndon Large Cap Value Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.68%
		Consumer Discretionary – 5.79%
	12,181	Ross Stores	$	691,637
	46,691	TJX		3,540,112
	11,504	Yum! Brands		915,258
				5,147,007
		Consumer Staples – 8.58%
	56,164	Altria Group		3,522,044
	14,887	Campbell Soup		918,677
	32,481	Philip Morris International		3,187,036
				7,627,757
		Energy – 13.20%
	56,615	Devon Energy		1,963,408
	60,901	Marathon Petroleum		2,380,011
	119,771	Noble (United Kingdom)		1,345,028
	43,307	Oceaneering International		1,587,202
	25,939	Tesoro		2,067,079
	40,601	Valero Energy		2,390,181
				11,732,909
		Financials – 23.55%
	37,217	American Express		2,435,108
	50,525	CBOE Holdings		3,130,529
	32,255	CBRE Group, Class A *		955,716
	41,954	Discover Financial Services		2,360,752
	57,968	Eaton Vance		2,001,635
	32,706	Federated Investors, Class B		1,033,510
	46,239	Franklin Resources		1,726,564
	22,331	Moody’s		2,137,523
	30,225	S&P Global		923,978
	25,263	Synchrony Financial *		2,699,352
	75,336	Waddell & Reed Financial, Class A		1,532,334
				20,937,001

Shares			Market Value
		Healthcare – 7.57%
	45,112	AbbVie	$	2,751,832
	18,722	Gilead Sciences		1,651,468
	5,639	Jazz Pharmaceuticals (Ireland) *		849,797
	35,413	Mylan (Netherlands) *		1,477,076
				6,730,173
		Industrials – 10.17%
	13,083	Lockheed Martin		3,040,227
	22,782	Rockwell Collins		2,009,145
	28,646	United Parcel Service, Class B		3,009,835
	14,662	United Rentals *		981,328
				9,040,535
		Information Technology – 18.80%
	18,271	Accenture, Class A (Ireland)		2,063,161
	6,091	Alliance Data Systems *		1,238,361
	25,714	Apple		2,410,430
	24,361	Harris		1,949,124
	143,003	Hewlett-Packard Enterprise		2,382,430
	31,353	HP		384,701
	19,849	MasterCard, Class A		1,925,154
	47,593	Western Digital		1,944,888
	121,124	Western Union		2,422,480
				16,720,729
		Materials – 6.00%
	37,443	CF Industries Holdings		1,238,240
	23,007	LyondellBasell Industries, Class A (Netherlands)		1,901,989
	5,414	NewMarket		2,198,409
				5,338,638
		Utilities – 2.02%
	161,273	AES		1,799,807
		Total Common Stocks (Cost $79,048,246)		85,074,556
	INVESTMENT COMPANY – 1.61%
	1,429,586	BlackRock Liquidity Funds TempFund Portfolio		1,429,586
		Total Investment Company (Cost $1,429,586)		1,429,586
	Total Investments – 97.29% (Cost $80,477,832)**			86,504,142
	Net Other Assets and Liabilities – 2.71%			2,411,983
	Net Assets – 100.00%		$	88,916,125

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	11,425,540
Gross unrealized depreciation		(5,399,230	)
Net unrealized appreciation	$	6,026,310

See accompanying Notes to Financial Statements.

7

Aston Funds

ASTON/Montag & Caldwell Growth Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 95.26%
		Consumer Discretionary – 14.88%
	853,000	Carnival	$	41,839,650
	397,900	Dollar General		32,591,989
	622,900	Dollar Tree *		49,651,359
	185,000	NIKE, Class B		10,903,900
	24,696	Priceline.com *		33,183,028
	408,700	Starbucks		22,981,201
	640,000	TJX		48,524,800
				239,675,927
		Consumer Staples – 26.10%
	537,700	Colgate-Palmolive		38,133,684
	145,000	Costco Wholesale		21,478,850
	413,700	CVS Health		41,576,850
	370,000	Estee Lauder, Class A		35,471,900
	600,000	Kraft Heinz		46,842,000
	1,623,100	Mondelez International, Class A		69,728,376
	183,100	Monster Beverage *		26,406,682
	752,000	PepsiCo		77,425,920
	800,000	Walgreens Boots Alliance		63,424,000
				420,488,262
		Energy – 0.95%
	200,000	Occidental Petroleum		15,330,000
		Financials – 1.53%
	494,700	Wells Fargo		24,725,106
		Healthcare – 18.37%
	910,800	Abbott Laboratories		35,430,120
	183,477	Allergan (Ireland) *		39,733,779
	205,700	AmerisourceBergen		17,505,070
	241,800	Amgen		38,276,940
	368,000	Celgene *		38,054,880

Shares			Market Value
		Healthcare (continued)
	323,600	Gilead Sciences	$	28,544,756
	624,800	Medtronic (Ireland)		49,452,920
	340,000	Thermo Fisher Scientific		49,045,000
				296,043,465
		Industrials – 7.78%
	510,000	Honeywell International		58,277,700
	638,000	United Parcel Service, Class B		67,034,660
				125,312,360
		Information Technology – 25.65%
	410,000	Accenture, Class A (Ireland)		46,297,200
	103,000	Alphabet, Class A *		72,911,640
	223,500	Apple		20,950,890
	615,000	Cognizant Technology Solutions, Class A *		35,897,550
	530,000	Facebook, Class A *		62,317,400
	225,000	MasterCard, Class A		21,822,750
	370,000	Microsoft		18,451,900
	925,000	PayPal Holdings *		36,241,500
	654,100	QUALCOMM		33,045,132
	845,000	Visa, Class A		65,267,800
				413,203,762
		Total Common Stocks (Cost $1,368,181,927)		1,534,778,882
	INVESTMENT COMPANY – 4.66%
	75,125,875	BlackRock Liquidity Funds TempFund Portfolio		75,125,875
		Total Investment Company (Cost $75,125,875)		75,125,875
	Total Investments – 99.92% (Cost $1,443,307,802)**			1,609,904,757
	Net Other Assets and Liabilities – 0.08%			1,317,484
	Net Assets – 100.00%		$	1,611,222,241

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	198,652,479
Gross unrealized depreciation		(32,055,524	)
Net unrealized appreciation	$	166,596,955

See accompanying Notes to Financial Statements.

8

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.24%
		Consumer Discretionary – 11.69%
	353,830	Cinemark Holdings	$	12,260,209
	317,233	Ford Motor		4,301,679
	171,956	Kohl’s		7,617,651
	364,011	National CineMedia		5,168,956
	222,320	Omnicom Group		18,445,890
	165,156	Target		13,129,902
	308,835	Thomson Reuters (Canada)		12,702,384
	124,479	Time Warner		9,353,352
				82,980,023
		Consumer Staples – 6.98%
	51,944	Kimberly-Clark		6,502,869
	111,250	Molson Coors Brewing, Class B		10,638,838
	81,080	PepsiCo		8,347,997
	244,152	Unilever, SP ADR (Great Britain)		10,952,659
	196,359	Wal-Mart Stores		13,130,526
				49,572,889
		Energy – 8.77%
	81,308	Chevron		8,308,051
	136,135	Exxon Mobil		12,034,334
	139,858	Magellan Midstream Partners LP		10,079,566
	192,855	Occidental Petroleum		14,782,336
	189,227	Spectra Energy Partners LP		9,542,718
	183,299	TransMontaigne Partners LP		7,496,929
				62,243,934
		Financials – 24.65%
	201,665	Allied World Assurance Co Holdings AG (Switzerland)		7,175,241
	415,062	BB&T		14,684,894
	108,935	CME Group		10,012,216
	138,841	CNA Financial		4,387,376

Shares			Market Value
		Financials (continued)
	142,120	Communications Sales & Leasing, REIT	$	3,301,448
	220,633	Compass Diversified Holdings		3,547,779
	368,683	GEO Group, REIT		11,808,916
	607,095	Iron Mountain, REIT		22,177,167
	227,316	PNC Financial Services Group		19,953,798
	341,564	Sabra Health Care, REIT		7,203,585
	135,257	Stock Yards Bancorp		5,469,793
	425,458	U.S. Bancorp		18,162,802
	200,720	Ventas, REIT		12,468,726
	63,637	Washington Trust Bancorp		2,331,023
	347,682	Wells Fargo		17,377,146
	144,432	WesBanco		4,640,600
	321,496	Weyerhaeuser, REIT		10,326,452
				175,028,962
		Healthcare – 5.20%
	66,910	Amgen		10,591,853
	277,035	Owens & Minor		10,081,304
	215,761	Quest Diagnostics		16,218,754
				36,891,911
		Industrials – 13.93%
	222,718	ADT		9,349,702
	457,350	Aircastle (Bermuda)		9,924,495
	211,305	Emerson Electric		11,543,592
	377,531	Fastenal		17,664,675
	113,484	MSC Industrial Direct, Class A		8,795,010
	74,097	Parker-Hannifin		8,596,734
	145,937	Republic Services		6,869,255
	134,434	Union Pacific		11,726,678
	137,724	United Parcel Service, Class B		14,470,661
				98,940,802
		Information Technology – 14.06%
	679,124	Corning		12,679,245
	145,332	CSG Systems International		6,449,834
	538,737	Intel		16,312,956
	506,445	Microsoft		25,256,412
	242,931	Motorola Solutions		18,265,982
	141,368	QUALCOMM		7,141,911
	685,811	Western Union		13,716,220
				99,822,560
		Materials – 4.64%
	135,292	Bemis		6,788,953
	151,062	Compass Minerals International		11,323,608
	126,519	Praxair		14,860,922
				32,973,483
		Telecommunication Services – 3.15%
	39,449	Atlantic Tele-Network		2,836,778
	383,115	Verizon Communications		19,515,878
				22,352,656

See accompanying Notes to Financial Statements.

9

Aston Funds

ASTON/River Road Dividend All Cap Value Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Utilities – 5.17%
	289,351	AmeriGas Partners LP	$	12,543,366
	227,310	National Fuel Gas		12,615,705
	236,770	Vectren		11,566,214
				36,725,285
		Total Common Stocks (Cost $561,315,218)		697,532,505
	INVESTMENT COMPANY – 1.71%
	12,181,820	BlackRock Liquidity Funds TempFund Portfolio		12,181,820
		Total Investment Company (Cost $12,181,820)		12,181,820
	Total Investments – 99.95% (Cost $573,497,038)*			709,714,325
	Net Other Assets and Liabilities – 0.05%			336,052
	Net Assets – 100.00%		$	710,050,377

* At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	143,435,410
Gross unrealized depreciation		(7,218,123	)
Net unrealized appreciation	$	136,217,287

LP Limited Partnership

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

10

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.34%
		Consumer Discretionary – 11.78%
	64,890	Cinemark Holdings	$	2,248,438
	57,604	Ford Motor		781,110
	30,983	Kohl’s		1,372,547
	39,190	Omnicom Group		3,251,594
	29,864	Target		2,374,188
	53,835	Thomson Reuters (Canada)		2,214,234
	22,820	Time Warner		1,714,695
				13,956,806
		Consumer Staples – 7.56%
	9,492	Kimberly-Clark		1,188,303
	20,193	Molson Coors Brewing, Class B		1,931,057
	14,190	PepsiCo		1,461,002
	44,132	Unilever, SP ADR (Great Britian)		1,979,762
	35,913	Wal-Mart Stores		2,401,502
				8,961,626
		Energy – 8.36%
	14,700	Chevron		1,502,046
	24,129	Exxon Mobil		2,133,004
	25,353	Magellan Midstream Partners LP		1,827,191
	35,173	Occidental Petroleum		2,696,010
	34,731	Spectra Energy Partners LP		1,751,484
				9,909,735
		Financials – 22.63%
	35,845	Allied World Assurance Co Holdings AG (Switzerland)		1,275,365
	75,715	BB&T		2,678,797
	19,148	CME Group		1,759,893
	14,627	CNA Financial		462,213
	25,859	Communications Sales & Leasing, REIT		600,705
	61,024	GEO Group, REIT		1,954,599

Shares			Market Value
		Financials (continued)
	109,672	Iron Mountain, REIT	$	4,006,321
	40,919	PNC Financial Services Group		3,591,870
	76,370	U.S. Bancorp		3,260,235
	36,148	Ventas, REIT		2,245,514
	62,307	Wells Fargo		3,114,104
	58,229	Weyerhaeuser, REIT		1,870,315
				26,819,931
		Healthcare – 5.47%
	11,905	Amgen		1,884,561
	45,899	Owens & Minor		1,670,265
	38,911	Quest Diagnostics		2,924,940
				6,479,766
		Industrials – 14.49%
	40,750	ADT		1,710,685
	53,194	Aircastle (Bermuda)		1,154,310
	38,608	Emerson Electric		2,109,155
	66,705	Fastenal		3,121,127
	21,056	MSC Industrial Direct, Class A		1,631,840
	13,355	Parker-Hannifin		1,549,447
	26,662	Republic Services		1,254,980
	24,675	Union Pacific		2,152,400
	23,699	United Parcel Service, Class B		2,490,054
				17,173,998
		Information Technology – 14.13%
	124,817	Corning		2,330,333
	97,075	Intel		2,939,431
	91,423	Microsoft		4,559,265
	42,682	Motorola Solutions		3,209,260
	26,143	QUALCOMM		1,320,744
	119,390	Western Union		2,387,800
				16,746,833
		Materials – 5.07%
	24,261	Bemis		1,217,417
	27,465	Compass Minerals International		2,058,776
	23,224	Praxair		2,727,891
				6,004,084
		Telecommunication Services – 2.96%
	68,907	Verizon Communications		3,510,123
		Utilities – 4.89%
	33,836	AmeriGas Partners LP		1,466,791
	40,789	National Fuel Gas		2,263,790
	42,382	Vectren		2,070,361
				5,800,942
		Total Common Stocks (Cost $102,422,711)		115,363,844

See accompanying Notes to Financial Statements.

11

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 2.61%
	3,093,068	BlackRock Liquidity Funds TempFund Portfolio	$	3,093,068
		Total Investment Company (Cost $3,093,068)		3,093,068
	Total Investments – 99.95% (Cost $105,515,779)*			118,456,912
	Net Other Assets and Liabilities – 0.05%			57,200
	Net Assets – 100.00%		$	118,514,112

* At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	15,511,465
Gross unrealized depreciation		(2,570,332	)
Net unrealized appreciation	$	12,941,133

LP Limited Partnership

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

12

Aston Funds

ASTON/Fairpointe Mid Cap Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.96%
		Consumer Discretionary – 30.77%
	1,851,600	BorgWarner	$	66,509,472
	832,400	Cooper Tire & Rubber		28,751,096
	4,393,700	DeVry Education Group		76,230,695
	6,265,800	Gentex		100,503,432
	3,495,700	Interpublic Group		80,191,358
	732,400	Lear		84,321,212
	4,102,000	Lions Gate Entertainment (Canada)		91,064,400
	3,351,200	Mattel		104,188,808
	9,682,454	New York Times, Class A		124,129,060
	14,963,900	Office Depot *		87,987,732
	1,626,394	Scholastic		59,168,214
	3,732,800	TEGNA		87,198,208
	7,514,952	Time		110,469,794
	361,400	Whirlpool		62,934,196
				1,163,647,677
		Consumer Staples – 0.94%
	571,100	Bunge		35,693,750
		Energy – 7.62%
	4,494,592	FMC Technologies *		137,040,110
	17,860,300	McDermott International (Panama) *		81,085,762
	6,317,000	Transocean (Switzerland)		69,992,360
				288,118,232
		Financials – 8.01%
	485,700	Cincinnati Financial		32,061,057
	1,071,985	Eaton Vance		37,015,642
	1,531,100	Northern Trust		108,830,588
	2,398,300	Raymond James Financial		125,119,311
				303,026,598

Shares			Market Value
		Healthcare – 5.48%
	1,223,200	Quest Diagnostics	$	91,947,944
	1,422,200	Varian Medical Systems *		115,454,196
				207,402,140
		Industrials – 11.19%
	1,708,500	AGCO		91,353,495
	1,998,900	Chicago Bridge & Iron (Netherlands)		80,455,725
	2,205,035	Copa Holdings, Class A (Panama)		140,570,981
	1,461,100	Donaldson		47,748,748
	2,492,800	Werner Enterprises		63,167,552
				423,296,501
		Information Technology – 20.93%
	1,860,700	Akamai Technologies *		94,877,093
	4,052,192	Cree *		99,319,226
	2,078,948	Itron *		85,486,342
	5,156,400	Jabil Circuit		89,515,104
	6,172,100	Juniper Networks		144,427,140
	4,475,700	Nuance Communications *		76,892,526
	1,287,300	NVIDIA		45,737,769
	4,625,100	Teradata *		117,015,030
	4,967,138	Unisys *		38,296,634
				791,566,864
		Materials – 13.02%
	12,594,800	Alcoa		140,683,916
	2,265,004	Domtar		87,519,755
	2,569,662	FMC		111,163,578
	28,432,400	Gerdau, SP ADR (Brazil)		63,404,252
	4,679,900	United States Steel		89,432,889
				492,204,390
		Total Common Stocks (Cost $3,491,867,558)		3,704,956,152
	INVESTMENT COMPANY – 2.72%
	102,981,476	BlackRock Liquidity Funds TempFund Portfolio		102,981,476
		Total Investment Company (Cost $102,981,476)		102,981,476
	Total Investments – 100.68% (Cost $3,594,849,034)**			3,807,937,628
	Net Other Assets and Liabilities – (0.68)%			(25,837,189	)
	Net Assets – 100.00%		$	3,782,100,439

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	588,606,192
Gross unrealized depreciation		(375,517,598	)
Net unrealized appreciation	$	213,088,594

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

13

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.78%
		Consumer Discretionary – 24.84%
	3,290	Dollar General	$	269,484
	3,880	Dollar Tree *		309,275
	5,380	Dunkin’ Brands Group		250,170
	920	Expedia		106,508
	9,010	Hanesbrands		261,560
	2,190	Harman International Industries		168,104
	11,740	LKQ *		376,267
	415	O’Reilly Automotive *		109,012
	708	Panera Bread, Class A *		151,859
	4,680	Ross Stores		265,730
	2,840	ServiceMaster Global Holdings *		108,829
	2,600	Tractor Supply		246,116
				2,622,914
		Consumer Staples – 5.21%
	1,240	Mead Johnson Nutrition		108,066
	1,620	Molson Coors Brewing, Class B		154,921
	1,992	Monster Beverage *		287,286
				550,273
		Energy – 1.52%
	1,200	Core Laboratories (Netherlands)		160,392
		Financials – 13.63%
	1,564	FactSet Research Systems		235,773
	4,090	First Republic Bank		287,609
	1,239	Intercontinental Exchange		297,397
	2,960	Lazard MLP, Class A (Bermuda)		106,708
	5,140	Raymond James Financial		268,154
	1,768	Signature Bank New York NY *		243,684
				1,439,325
		Healthcare – 14.92%
	3,170	AmerisourceBergen		269,767
	5,210	Cerner *		292,489
	1,770	Edwards Lifesciences *		187,992

Shares			Market Value
		Healthcare (continued)
	732	Henry Schein *	$	123,488
	3,490	MEDNAX *		248,802
	2,870	Quintiles Transnational Holdings *		198,231
	4,050	VCA *		255,029
				1,575,798
		Industrials – 20.34%
	4,710	AMETEK		226,504
	4,740	Copart *		203,062
	4,120	Expeditors International of Washington		204,393
	8,550	HD Supply Holdings *		293,094
	2,130	IHS, Class A *		262,373
	2,810	J.B. Hunt Transport Services		232,893
	1,166	Snap-On		185,721
	2,110	Stericycle *		201,632
	2,930	Verisk Analytics *		227,309
	1,330	Wabtec		110,297
				2,147,278
		Information Technology – 16.32%
	3,580	Amphenol, Class A		199,871
	2,120	ANSYS *		192,432
	2,920	Arista Networks *		194,530
	4,490	EPAM Systems *		327,456
	1,090	F5 Networks *		114,178
	3,540	M/A-COM Technology Solutions Holdings *		144,751
	3,460	Skyworks Solutions		231,197
	3,370	WEX *		318,431
				1,722,846
		Total Common Stocks (Cost $8,925,070)		10,218,826
	INVESTMENT COMPANY – 3.58%
	377,641	BlackRock Liquidity Funds TempFund Portfolio		377,641
		Total Investment Company (Cost $377,641)		377,641
	Total Investments – 100.36% (Cost $9,302,711)**			10,596,467
	Net Other Assets and Liabilities – (0.36)%			(37,970	)
	Net Assets – 100.00%		$	10,558,497

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,503,963
Gross unrealized depreciation		(210,207	)
Net unrealized appreciation	$	1,293,756

MLP Master Limited Partnership

See accompanying Notes to Financial Statements.

14

Aston Funds

ASTON/LMCG Small Cap Growth Fund	April 30, 2016
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Net Other Assets and Liabilities is negative 3.09% and cannot be represented in the pie chart format.

Shares			Market Value
	COMMON STOCKS – 101.74%
		Consumer Discretionary – 17.78%
	24,118	Buffalo Wild Wings *	$	3,223,612
	11,497	Burlington Stores *		654,984
	57,686	CalAtlantic Group		1,867,296
	58,553	Dave & Buster’s Entertainment *		2,266,001
	22,262	Lithia Motors, Class A		1,848,191
	191,836	Media General *		3,324,518
	139,745	Nexstar Broadcasting Group, Class A		7,173,111
	21,316	Papa John’s International		1,206,272
	29,533	Sonic		1,015,049
	25,883	Vail Resorts		3,355,472
				25,934,506
		Consumer Staples – 4.10%
	45,152	Casey’s General Stores		5,057,024
	10,377	TreeHouse Foods *		917,327
				5,974,351
		Financials – 3.09%
	17,794	Bank of the Ozarks		734,892
	96,687	BofI Holding *		1,969,514
	4,440	MarketAxess Holdings		545,054
	25,574	Pinnacle Financial Partners		1,257,474
				4,506,934
		Healthcare – 30.10%
	22,370	Acadia Healthcare *		1,413,560
	106,806	ACADIA Pharmaceuticals *		3,449,834
	12,493	Adeptus Health, Class A *		851,023
	46,596	AMN Healthcare Services *		1,654,624
	15,974	Amsurg *		1,293,575
	37,339	Anacor Pharmaceuticals *		2,342,649
	24,081	athenahealth *		3,209,997

Shares			Market Value
		Healthcare (continued)
	140,544	Cross Country Healthcare *	$	1,746,962
	36,524	FibroGen *		657,432
	154,036	HealthSouth		6,386,333
	36,548	LDR Holding *		984,969
	74,778	Neurocrine Biosciences *		3,408,381
	38,447	Nevro *		2,585,561
	12,901	Pacira Pharmaceuticals *		698,073
	27,516	PAREXEL International *		1,681,228
	120,761	Premier, Class A *		4,082,929
	12,368	Prothena *		534,174
	53,452	Radius Health *		1,902,891
	44,033	Steris		3,111,812
	18,784	Ultragenyx Pharmaceutical *		1,270,174
	6,997	WellCare Health Plans *		629,660
				43,895,841
		Industrials – 9.45%
	28,252	Advisory Board *		893,893
	26,998	Apogee Enterprises		1,118,797
	36,461	CEB		2,249,279
	67,055	Continental Building Products *		1,314,949
	20,065	Dycom Industries *		1,416,589
	108,143	Echo Global Logistics *		2,527,302
	25,120	HNI		1,098,246
	38,040	WageWorks *		2,048,834
	36,903	XPO Logistics *		1,112,256
				13,780,145
		Information Technology – 31.29%
	56,182	Cavium *		2,773,705
	8,720	Ellie Mae *		728,992
	21,226	Euronet Worldwide *		1,636,525
	50,526	Fleetmatics Group *		1,831,568
	146,711	Global Eagle Entertainment *		1,175,155
	80,914	GTT Communications *		1,293,006
	1,060,212	Internap *		2,417,283
	35,786	InterXion Holding *		1,212,430
	33,022	M/A-COM Technology Solutions Holdings *		1,350,270
	66,453	MAXIMUS		3,515,364
	124,223	Microsemi *		4,197,495
	71,480	NetScout Systems *		1,591,145
	45,719	Qlik Technologies *		1,407,688
	60,490	SS&C Technologies Holdings		3,698,964
	14,838	Synaptics *		1,061,659
	234,322	Synchronoss Technologies *		7,280,385
	32,184	Syntel *		1,368,786
	14,348	Tyler Technologies *		2,100,691
	6,056	Ultimate Software Group *		1,190,549
	68,373	Virtusa *		2,429,976
	43,302	WNS Holdings, ADR (Jersey) *		1,372,240
				45,633,876
		Materials – 4.57%
	48,131	Berry Plastics Group *		1,733,679
	235,821	Summit Materials, Class A *		4,928,659
				6,662,338

See accompanying Notes to Financial Statements.

15

Aston Funds

ASTON/LMCG Small Cap Growth Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Telecommunication Services – 1.36%
	76,215	Zayo Group Holdings *	$	1,978,541
		Total Common Stocks (Cost $156,198,722)		148,366,532
	RIGHTS – 0.00%
		Healthcare – 0.00%
	99,639	Dyax, CVR Expiration 12/31/19 *(a)(b)		996
		Total Rights (Cost $0)		996
	INVESTMENT COMPANY – 1.35%
	1,964,356	BlackRock Liquidity Funds TempFund Portfolio		1,964,356
		Total Investment Company (Cost $1,964,356)		1,964,356
	Total Investments – 103.09% (Cost $158,163,078)**			150,331,884
	Net Other Assets and Liabilities – (3.09)%			(4,504,788	)
	Net Assets – 100.00%		$	145,827,096

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	6,775,281
Gross unrealized depreciation		(14,606,475	)
Net unrealized depreciation	$	(7,831,194	)

(a) Securities with a total aggregate market value of $996, or 0.001% of net assets, were valued under securities valuation procedures established by the Funds’ Board of Trustees.

(b) The security is restricted for resale.

ADR American Depositary Receipt

CVR Contingent Value Rights

See accompanying Notes to Financial Statements.

16

Aston Funds

ASTON/River Road Independent Value Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 14.26%
		Energy – 1.31%
	43,731	Energen	$	1,858,130
	194,293	QEP Resources		3,483,673
				5,341,803
		Financials – 0.40%
	67,430	Baldwin & Lyons, Class B		1,647,989
		Industrials – 1.75%
	193,198	American Science & Engineering		5,535,123
	101,675	Raven Industries		1,635,951
				7,171,074
		Information Technology – 1.21%
	87,135	Benchmark Electronics *		1,692,162
	199,131	Park Electrochemical		3,247,826
				4,939,988
		Materials – 8.77%
	2,084,739	Alamos Gold, Class A (Canada)		15,010,121
	1,530,571	New Gold (Canada) *		7,193,684
	815,265	Pan American Silver (Canada)		12,775,202
	478,551	Primero Mining (Canada) *		899,676
				35,878,683
		Utilities – 0.82%
	99,627	Empire District Electric		3,354,441
		Total Common Stocks (Cost $36,733,480)		58,333,978

Shares			Market Value
	INVESTMENT COMPANY – 83.52%
	341,752,013	BlackRock Liquidity Funds Treasury Trust Fund Portfolio	$	341,752,013
		Total Investment Company (Cost $341,752,013)		341,752,013
	Total Investments – 97.78% (Cost $378,485,493)**			400,085,991
	Net Other Assets and Liabilities – 2.22%			9,094,147
	Net Assets – 100.00%		$	409,180,138

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	21,773,752
Gross unrealized depreciation		(173,254	)
Net unrealized appreciation	$	21,600,498

See accompanying Notes to Financial Statements.

17

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 98.34%
		Consumer Discretionary – 24.40%
	2,530	Biglari Holdings *	$	946,068
	44,793	Bloomin’ Brands		837,629
	14,939	Gentex		239,622
	35,783	International Speedway, Class A		1,198,373
	19,971	J. Alexander’s Holdings *		205,701
	53,520	La Quinta Holdings *		683,450
	12,271	Liberty Broadband, Class C *		702,515
	24,664	Liberty Ventures, Class A *		986,560
	3,465	Madison Square Garden, Class A *		543,936
	10,581	Michael Kors Holdings (British Virgin Islands) *		546,614
	12,114	Murphy USA *		695,586
	29,092	News, Class A		361,323
	65,100	SeaWorld Entertainment		1,297,443
	27,200	SodaStream International (Israel) *		373,184
	23,120	Starz, Class A *		629,095
	23,712	Tribune Media, Class A		914,098
				11,161,197
		Consumer Staples – 3.24%
	28,707	Ingles Markets, Class A		1,035,461
	12,470	United Natural Foods *		444,805
				1,480,266
		Energy – 3.98%
	5,390	Energen *		229,021
	69,888	Evolution Petroleum		387,180
	120,784	Gran Tierra Energy *		357,521
	17,980	PBF Energy, Class A		578,596
	12,050	PHI *		270,161
				1,822,479

Shares			Market Value
		Financials – 18.41%
	1,585	Alleghany *	$	826,229
	18,360	Allied World Assurance Co Holdings AG (Switzerland)		653,249
	2,795	American National Insurance		324,555
	6,501	Brown & Brown		228,250
	33,117	Capital Southwest		470,261
	144,795	FNFV Group *		1,559,442
	17,674	Forest City Realty Trust, Class A, REIT		367,266
	26,070	GEO Group, REIT		835,022
	42,822	Leucadia National		714,271
	71,432	PICO Holdings *		709,320
	2,084	White Mountains Insurance Group (Bermuda)		1,729,720
				8,417,585
		Healthcare – 4.19%
	23,675	Air Methods *		875,501
	22,822	Akorn *		580,820
	13,580	Premier, Class A *		459,140
				1,915,461
		Industrials – 25.96%
	59,648	Air Transport Services Group *		840,440
	22,012	Cubic		915,039
	16,953	Forward Air		772,718
	17,930	Insperity		946,166
	9,600	Kansas City Southern		909,600
	22,729	Kelly Services, Class A		426,623
	33,490	KLX *		1,129,283
	4,798	MSC Industrial Direct, Class A		371,845
	36,059	SP Plus *		803,395
	7,470	Spirit AeroSystems Holdings, Class A *		352,210
	3,600	Stericycle *		344,016
	46,618	TriNet Group *		774,791
	16,980	UniFirst		1,840,292
	14,014	US Ecology		631,050
	27,450	Viad		816,638
				11,874,106
		Information Technology – 14.88%
	42,851	Blackhawk Network Holdings *		1,376,803
	18,118	CSG Systems International		804,077
	29,786	Dolby Laboratories, Class A		1,418,111
	10,957	ePlus *		880,833
	36,380	Match Group *		414,732
	39,773	NeuStar, Class A *		934,268
	25,600	Rackspace Hosting *		585,472
	5,674	Tech Data *		389,747
				6,804,043
		Telecommunication Services – 2.07%
	32,045	Telephone & Data Systems		947,571
		Utilities – 1.21%
	9,948	National Fuel Gas		552,114
		Total Common Stocks (Cost $43,740,777)		44,974,822

See accompanying Notes to Financial Statements.

18

Aston Funds

ASTON/River Road Select Value Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 2.62%
	1,198,343	BlackRock Liquidity Funds TempFund Portfolio	$	1,198,343
		Total Investment Company (Cost $1,198,343)		1,198,343
	Total Investments – 100.96% (Cost $44,939,120)**			46,173,165
	Net Other Assets and Liabilities – (0.96)%			(439,231	)
	Net Assets – 100.00%		$	45,733,934

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	4,318,944
Gross unrealized depreciation		(3,084,899	)
Net unrealized appreciation	$	1,234,045

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

19

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 94.05%
		Consumer Discretionary – 21.45%
	13,249	Biglari Holdings *	$	4,954,331
	252,040	Bloomin’ Brands		4,713,148
	197,950	International Speedway, Class A		6,629,345
	274,395	J. Alexander’s Holdings * (a)		2,826,268
	301,020	La Quinta Holdings *		3,844,025
	77,280	Liberty Tax		923,496
	136,180	Marcus		2,635,083
	134,641	Monarch Casino & Resort *		2,558,179
	83,000	Murphy USA *		4,765,860
	395,082	SeaWorld Entertainment		7,873,984
	204,090	SodaStream International (Israel) *		2,800,115
	130,010	Starz, Class A *		3,537,572
	131,832	Tribune Media, Class A		5,082,124
	254,360	UCP Class A * (a)		1,968,746
				55,112,276
		Consumer Staples – 3.17%
	155,988	Ingles Markets, Class A		5,626,487
	70,340	United Natural Foods *		2,509,028
				8,135,515
		Energy – 5.01%
	33,880	Energen *		1,439,561
	584,473	Evolution Petroleum (a)		3,237,980
	862,180	Gran Tierra Energy *		2,552,053
	99,660	PBF Energy, Class A		3,207,059
	41,610	PHI *		932,896
	84,390	QEP Resources *		1,513,113
				12,882,662

Shares			Market Value
		Financials – 18.10%
	65,020	1st Source	$	2,239,289
	147,210	Allied World Assurance Co Holdings AG (Switzerland)		5,237,732
	37,280	American National Insurance		4,328,954
	209,054	Capital Southwest		2,968,567
	7,185	First Citizens BancShares, Class A		1,832,175
	883,731	FNFV Group *		9,517,783
	162,255	GEO Group, REIT		5,197,028
	360,294	PICO Holdings *		3,577,719
	13,968	White Mountains Insurance Group (Bermuda)		11,593,440
				46,492,687
		Healthcare – 3.18%
	132,766	Air Methods *		4,909,687
	128,488	Akorn *		3,270,020
				8,179,707
		Industrials – 25.54%
	437,495	Air Transport Services Group *		6,164,304
	80,320	Argan		2,745,338
	118,257	Cubic		4,915,943
	107,520	Forward Air		4,900,762
	130,805	Insperity		6,902,580
	162,890	Kelly Services, Class A		3,057,445
	195,977	KLX *		6,608,344
	68,020	Marten Transport		1,269,253
	278,369	SP Plus *		6,202,061
	254,442	TriNet Group *		4,228,826
	93,877	UniFirst		10,174,389
	89,450	US Ecology		4,027,933
	148,224	Viad		4,409,664
				65,606,842
		Information Technology – 15.25%
	242,576	Blackhawk Network Holdings *		7,793,967
	133,105	Computer Services (a)		4,901,592
	102,190	CSG Systems International		4,535,192
	60,069	ePlus *		4,828,947
	160,578	Ituran Location and Control (Israel)		3,340,022
	241,419	Match Group *		2,752,177
	154,510	NeuStar, Class A *		3,629,440
	221,470	Rackspace Hosting *		5,065,019
	33,740	Tech Data *		2,317,601
				39,163,957
		Telecommunication Services – 2.35%
	204,180	Telephone & Data Systems		6,037,603
		Total Common Stocks (Cost $208,889,617)		241,611,249

See accompanying Notes to Financial Statements.

20

Aston Funds

ASTON/River Road Small Cap Value Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 5.92%
	15,210,777	BlackRock Liquidity Funds TempFund Portfolio	$	15,210,777
		Total Investment Company (Cost $15,210,777)		15,210,777
	Total Investments – 99.97% (Cost $224,100,394)**			256,822,026
	Net Other Assets and Liabilities – 0.03%			68,455
	Net Assets – 100.00%		$	256,890,481

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	41,711,918
Gross unrealized depreciation		(8,990,286	)
Net unrealized appreciation	$	32,721,632

(a) These securities have been determined to be illiquid securities. At April 30, 2016, these securities amounted to $12,934,586, or 5.04% of net assets.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

21

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.38%
		Consumer Discretionary – 8.45%
	58,630	Brunswick	$	2,815,999
	47,990	Columbia Sportswear		2,810,774
	106,210	EW Scripps, Class A		1,612,268
	128,660	La-Z-Boy		3,328,434
	27,200	Lithia Motors, Class A		2,258,144
	116,810	Wolverine World Wide		2,213,550
				15,039,169
		Consumer Staples – 3.80%
	23,874	J & J Snack Foods		2,414,378
	37,364	Lancaster Colony		4,352,906
				6,767,284
		Energy – 4.05%
	199,640	Callon Petroleum *		2,098,216
	129,530	Forum Energy Technologies *		2,168,332
	136,190	Matador Resources *		2,934,895
				7,201,443
		Financials – 22.31%
	211,480	BancorpSouth		4,967,665
	53,440	Bank of the Ozarks		2,207,072
	233,240	CVB Financial		4,007,063
	60,168	EastGroup Properties, REIT		3,595,038
	150,244	Horace Mann Educators		4,672,588
	83,589	Iberiabank		4,930,915
	103,553	Independent Bank/Rockland MA		4,870,098
	122,010	Pebblebrook Hotel Trust, REIT		3,372,356
	192,120	Physicians Realty Trust, REIT		3,483,136
	74,270	QTS Realty Trust, Class A, REIT		3,596,153
				39,702,084

Shares			Market Value
		Healthcare – 9.65%
	42,287	Analogic	$	3,340,250
	61,750	Greatbatch *		2,148,900
	37,964	ICU Medical *		3,771,344
	85,830	INC Research Holdings, Class A *		4,130,998
	53,270	Integra LifeSciences Holdings *		3,772,581
				17,164,073
		Industrials – 23.51%
	99,845	Altra Industrial Motion		2,865,552
	132,860	Babcock & Wilcox Enterprises *		3,035,851
	44,290	CIRCOR International		2,500,171
	82,756	EMCOR Group		4,012,011
	85,080	ESCO Technologies		3,273,878
	33,640	G & K Services, Class A		2,376,666
	57,390	Hillenbrand		1,739,491
	163,420	Knoll		3,815,857
	71,279	MSA Safety		3,427,807
	199,900	Mueller Water Products, Class A		2,148,925
	142,580	Quanex Building Products		2,686,207
	39,380	Standex International		3,020,052
	98,349	US Ecology		4,428,655
	44,580	Watts Water Technologies, Class A		2,490,685
				41,821,808
		Information Technology – 17.69%
	154,197	ACI Worldwide *		3,082,398
	255,160	Entegris *		3,391,076
	26,697	FEI		2,376,567
	49,280	Itron *		2,026,394
	45,115	Littelfuse		5,254,995
	100,340	M/A – COM Technology Solutions *		4,102,903
	143,050	Mentor Graphics		2,855,278
	66,950	Methode Electronics		1,990,424
	108,405	MKS Instruments		3,887,403
	112,240	NetScout Systems *		2,498,462
				31,465,900
		Materials – 5.30%
	56,430	Minerals Technologies		3,380,157
	137,433	PH Glatfelter		3,151,339
	43,079	Sensient Technologies		2,897,063
				9,428,559
		Utilities – 4.62%
	61,943	MGE Energy		3,087,859
	43,700	ONE Gas		2,555,139
	64,959	Portland General Electric		2,580,171
				8,223,169
		Total Common Stocks (Cost $172,352,856)		176,813,489

See accompanying Notes to Financial Statements.

22

Aston Funds

ASTON/Silvercrest Small Cap Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANY – 0.16%
	289,693	BlackRock Liquidity Funds TempFund Portfolio	$	289,693
		Total Investment Company (Cost $289,693)		289,693
	Total Investments – 99.54% (Cost $172,642,549)**			177,103,182
	Net Other Assets and Liabilities – 0.46%			812,221
	Net Assets – 100.00%		$	177,915,403

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	11,592,193
Gross unrealized depreciation		(7,131,560	)
Net unrealized appreciation	$	4,460,633

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

23

Aston Funds

ASTON Small Cap Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.63%
		Consumer Discretionary – 18.28%
	37,320	BJ’s Restaurants *	$	1,664,472
	92,009	Build-A-Bear Workshop *		1,211,759
	37,900	Burlington Stores *		2,159,163
	49,688	Chuy’s Holdings *		1,517,472
	58,871	Five Below *		2,454,921
	62,425	Fox Factory Holding *		1,080,577
	71,878	Grand Canyon Education *		3,143,225
	29,458	Hibbett Sports *		1,063,434
	23,289	Oxford Industries		1,546,855
	26,048	Pool		2,276,856
	53,956	Tumi Holdings *		1,439,546
	15,857	Vitamin Shoppe *		434,006
				19,992,286
		Consumer Staples – 2.52%
	18,725	PriceSmart		1,620,462
	71,435	Smart & Final Stores *		1,137,245
				2,757,707
		Energy – 1.19%
	60,431	Matador Resources *		1,302,288
		Financials – 9.90%
	43,486	Encore Capital Group *		1,224,131
	20,447	Greenhill		450,243
	53,728	Heritage Insurance Holdings		714,045
	19,189	MarketAxess Holdings		2,355,642
	41,222	PrivateBancorp		1,715,247
	74,312	STAG Industrial, REIT		1,483,268
	22,836	Stifel Financial *		751,533
	17,545	Sun Communities, REIT		1,190,779
	20,688	Texas Capital Bancshares *		947,924
				10,832,812

Shares			Market Value
		Healthcare – 25.20%
	11,591	ABIOMED *	$	1,125,950
	28,358	Acadia Healthcare *		1,791,942
	22,775	Align Technology *		1,644,127
	176,270	Amicus Therapeutics *		1,316,737
	39,193	Bruker		1,109,162
	63,589	Catalent *		1,877,783
	46,838	DBV Technologies, SP ADR (France) *		1,591,087
	60,949	Dynavax Technologies *		1,000,173
	41,298	Emergent BioSolutions *		1,590,799
	76,039	Endologix *		852,397
	69,404	Globus Medical, Class A *		1,737,876
	13,210	ICU Medical *		1,312,281
	41,170	Impax Laboratories *		1,373,020
	138,489	Inotek Pharmaceuticals *		1,357,192
	41,396	Medidata Solutions *		1,806,107
	31,880	Neurocrine Biosciences *		1,453,090
	35,617	Retrophin *		490,802
	30,296	Team Health Holdings *		1,267,282
	20,479	West Pharmaceutical Services		1,458,105
	74,662	Wright Medical Group (Netherlands) *		1,402,152
				27,558,064
		Industrials – 14.93%
	23,645	CEB		1,458,660
	25,594	Exponent		1,275,605
	19,908	Graco		1,560,588
	30,982	HEICO		1,899,506
	37,798	Knight Transportation		1,004,293
	38,220	Mobile Mini		1,232,595
	22,716	Proto Labs *		1,359,098
	78,314	Ritchie Bros Auctioneers (Canada)		2,246,829
	34,365	Thermon Group Holdings *		644,000
	42,905	WageWorks *		2,310,863
	24,683	Woodward		1,338,065
				16,330,102
		Information Technology – 24.42%
	26,943	Blackbaud		1,664,269
	40,339	Bottomline Technologies *		990,726
	20,544	Cabot Microelectronics		860,588
	79,558	Callidus Software *		1,455,911
	29,803	Cardtronics *		1,174,834
	23,005	Cavium *		1,135,757
	35,654	Cognex		1,266,787
	39,821	comScore *		1,219,319
	29,411	EPAM Systems *		2,144,944
	20,289	FEI		1,806,127
	21,068	Forrester Research		708,306
	30,990	Interactive Intelligence Group *		1,151,898
	65,322	Intralinks Holdings *		582,019
	31,385	LogMeIn *		1,873,685
	43,008	Power Integrations		2,075,136
	35,458	Super Micro Computer *		954,175
	34,455	Technology Solutions Holdings *		1,408,865
	12,115	Tyler Technologies *		1,773,757
	51,501	VeriFone Systems *		1,465,718
	16,025	Zebra Technologies, Class A *		1,002,524
				26,715,345

See accompanying Notes to Financial Statements.

24

Aston Funds

ASTON Small Cap Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Materials – 3.19%
	33,383	Balchem	$	2,048,381
	61,869	Flotek Industries *		584,662
	54,092	KapStone Paper and Packaging		859,522
				3,492,565
		Total Common Stocks (Cost $97,603,595)		108,981,169
	INVESTMENT COMPANY – 0.79%
	867,298	BlackRock Liquidity Funds TempFund Portfolio		867,298
		Total Investment Company (Cost $867,298)		867,298
	Total Investments – 100.42% (Cost $98,470,893)**			109,848,467
	Net Other Assets and Liabilities – (0.42)%			(462,950	)
	Net Assets – 100.00%		$	109,385,517

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	14,721,712
Gross unrealized depreciation		(3,344,138	)
Net unrealized appreciation	$	11,377,574

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

25

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited)

At April 30, 2016, 23.1% of the Total Net Assets of the Fund were comprised of securities of issuers located outside the United States.

Par Value			Market Value
	CORPORATE NOTES AND BONDS – 29.20%
		Basic Materials – 0.40%
	$     300,000	Freeport-McMoRan 4.000%, 11/14/21	$	266,999
	1,000,000	Inversiones CMPC SA (Chile) 4.500%, 04/25/22		1,038,463
	200,000	Minsur SA (Peru) Senior Unsecured Notes 6.250%, 02/07/24		195,499
	160,000	PQ Senior Secured Notes 6.750%, 11/15/22 (c)		165,199
		Sociedad Quimica y Minera de Chile SA (Chile) Senior Unsecured Notes
	200,000	5.500%, 04/21/20		210,499
	1,000,000	4.375%, 01/28/25		969,999
				2,846,658
		Consumer Discretionary – 1.30%
	355,000	Amazon.com Senior Unsecured Notes 3.800%, 12/05/24		391,656
	305,000	American Axle & Manufacturing 6.625%, 10/15/22		324,062
	50,000	Anthem Senior Unsecured Notes 1.875%, 01/15/18		50,229
	130,000	Asbury Automotive Group 6.000%, 12/15/24		134,874
	350,000	Celgene Senior Unsecured Notes 3.875%, 08/15/25		370,465

Par Value			Market Value
		Consumer Discretionary (continued)
	$     100,000	Family Tree Escrow Senior Secured Notes 5.750%, 03/01/23 (a)	$	107,124
	565,000	Ford Motor Senior Unsecured Notes 7.450%, 07/16/31		751,161
	590,000	General Motors Financial 4.200%, 03/01/21		622,369
	190,000	GLP Capital LP 5.375%, 04/15/26		198,312
	330,000	Goodyear Tire & Rubber 5.125%, 11/15/23		342,374
	195,000	Gray Television 7.500%, 10/01/20		205,237
	600,000	Grupo Idesa SA de CV (Mexico) 7.875%, 12/18/20 (a)		589,499
	330,000	HD Supply 7.500%,07/15/20		351,038
	60,000	5.750%,04/15/24 (a)		63,074
	260,000	Home Depot Senior Unsecured Notes 3.350%, 09/15/25		281,732
	420,000	3.000%, 04/01/26		439,454
	300,000	Hutchison Whampoa International 12 (Cayman Islands) 6.000%, 05/29/49 (b)		311,249
	700,000	Hutchison Whampoa International 12 II (Cayman Islands) 3.250%, 11/08/22		727,812
	205,000	Levi Strauss Senior Unsecured Notes 5.000%, 05/01/25		208,588
	285,000	NCL (Bermuda) Senior Unsecured Notes 5.250%, 11/15/19 (a)		294,263
	240,000	Newell Brands Senior Unsecured Notes 3.150%, 04/01/21		248,633
	90,000	Pilgrim’s Pride 5.750%, 03/15/25 (a)		92,025
	155,000	Regal Entertainment Group Senior Unsecured Notes 5.750%, 03/15/22		162,169
	305,000	Sally Holdings 5.750%, 06/01/22		321,013
	185,000	Station Casinos 7.500%, 03/01/21		196,066
	330,000	Tenet Healthcare Senior Unsecured Notes 6.750%, 06/15/23		328,763
	765,000	Teva Pharmaceutical Finance Co BV (Cook Islands) 2.950%, 12/18/22		769,484
	210,000	Viking Cruises (Bermuda) Senior Unsecured Notes 8.500%, 10/15/22 (a)		198,450
	170,000	WMG Acquisition 6.750%, 04/15/22 (a)		169,150
				9,250,325

See accompanying Notes to Financial Statements.

26

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Consumer Staples – 2.50%
	$      400,000	Ajecorp BV (Netherlands) 6.500%, 05/14/22	$	183,040
	150,000	Camposol SA (Peru) 9.875%,02/02/17 (a)		117,750
	280,000	9.875%,02/02/17		219,800
	600,000	Central American Bottling (British Virgin Islands) 6.750%, 02/09/22		631,500
	525,000	Coca-Cola Senior Unsecured Notes 1.650%, 11/01/18		533,858
	370,000	1.875%, 10/27/20		376,898
	800,000	Corp Azucarera del Peru SA (Peru) 6.375%, 08/02/22		692,000
	1,300,000	Cosan Overseas (Cayman Islands) 8.250%, 11/29/49		1,162,200
	175,000	Dana Holding Senior Unsecured Notes 5.500%, 12/15/24		171,063
	1,636,942	ENA Norte Trust (Panama) 4.950%, 04/25/23		1,673,773
	390,000	Express Scripts Holding 4.500%, 02/25/26		419,154
	400,000	Grupo Bimbo SAB de CV (Mexico) 4.500%, 01/25/22		428,078
	220,000	HCA 5.375%,02/01/25		225,225
	175,000	5.875%,02/15/26		182,000
	400,000	JBS Investments GmbH (Austria) 7.250%, 04/03/24		389,000
	340,000	JBS USA Senior Unsecured Notes 5.750%, 06/15/25 (a)		314,500
	460,000	Kraft Heinz Foods 1.600%,06/30/17 (a)		461,648
	230,000	2.000%,07/02/18 (a)		232,591
	100,000	Kroger Senior Notes 6.150%, 01/15/20		115,189
	730,000	Senior Unsecured Notes 3.400%, 04/15/22		772,560
		Laboratory Corp of America Holdings Senior Unsecured Notes
	670,000	2.500%, 11/01/18		677,947
	725,000	4.700%, 02/01/45		741,513
	130,000	Maestro Peru SA (Peru) 6.750%, 09/26/19		134,550
		Marfrig Holding Europe BV (Netherlands)
	200,000	6.875%,06/24/19 (a)		198,500
	800,000	6.875%,06/24/19		794,000
	300,000	Minerva Luxembourg SA (Luxembourg) 8.750%,12/29/49 (a) (b)		294,000
	600,000	8.750%,12/29/49 (b)		588,000
	190,000	Post Holdings 7.375%, 02/15/22		200,925
	320,000	Prime Security Services Borrower Secured Notes 9.250%, 05/15/23 (c)		333,600

Par Value			Market Value
		Consumer Staples (continued)
	$      115,000	RegionalCare Hospital Partners Holdings Senior Secured Notes 8.250%, 05/01/23	$	119,888
	385,000	Revlon Consumer Products 5.750%, 02/15/21		393,181
	200,000	Rite Aid 6.125%, 04/01/23 (a)		214,875
	315,000	Scientific Games International Senior Secured Notes 7.000%, 01/01/22 (a)		321,694
	311,000	Service Corp International Senior Unsecured Notes 5.375%, 01/15/22		327,328
	285,000	Spectrum Brands 5.750%, 07/15/25		303,710
	90,000	TreeHouse Foods 6.000%, 02/15/24 (a)		96,188
	1,370,000	Tyson Foods 3.950%, 08/15/24		1,475,972
	205,000	Vizient Senior Unsecured Notes 10.375%, 03/01/24 (a)		223,963
	650,000	Wal-Mart Stores Senior Unsecured Notes 4.300%, 04/22/44		734,434
	245,000	Zimmer Biomet Holdings Senior Unsecured Notes 2.700%, 04/01/20		250,098
				17,726,193
		Energy – 3.24%
	565,000	Apache Senior Unsecured Notes 4.750%, 04/15/43		556,783
	300,000	Bharat Petroleum (India) Senior Unsecured Notes 4.625%, 10/25/22		319,890
	500,000	Bharat Petroleum (India), EMTN 4.000%, 05/08/25		501,997
	575,000	BP Capital Markets (United Kingdom) 3.062%, 03/17/22		593,474
	110,000	3.119%,05/04/26 (c)		111,276
	351,000	Chevron Senior Unsecured Notes 1.365%, 03/02/18		352,645
	190,000	1.790%, 11/16/18		192,501
	1,100,000	CNOOC Finance 2015 Australia Property (Australia) 2.625%, 05/05/20		1,099,370
	500,000	Comision Federal De Electricidad (Mexico) Senior Unsecured Notes 4.875%, 05/26/21		527,500
	2,000,000	Delek & Avner Tamar Bond (Israel) Senior Unsecured Notes 4.435%, 12/30/20 (a)		2,040,000
	500,000	5.412%, 12/30/25 (a)		513,125

See accompanying Notes to Financial Statements.

27

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Energy (continued)
	$      400,000	Ecopetrol SA (Colombia) Senior Unsecured Notes 4.125%, 01/16/25	$	351,000
	1,150,000	5.875%, 05/28/45		941,160
	220,000	Energy Transfer Partners LP Senior Unsecured Notes 5.200%, 02/01/22		220,916
	545,000	4.750%, 01/15/26		529,467
	330,000	Energy XXI Gulf Coast 9.250%,12/15/17 (d)		10,106
	45,000	7.500%,12/15/21 (d)		2,306
	44,000	Senior Secured Notes 11.000%, 03/15/20 (a) (d)		15,620
	325,000	EOG Resources Senior Unsecured Notes 4.150%, 01/15/26		348,061
	115,000	EPL Oil & Gas 8.250%, 02/15/18		8,122
	200,000	Inkia Energy (Bermuda) Senior Unsecured Notes 8.375%, 04/04/21 (a)		207,500
	600,000	8.375%, 04/04/21		622,500
	1,200,000	Instituto Costarricense de Electricidad (Costa Rica) Senior Unsecured Notes 6.950%, 11/10/21		1,230,000
	370,000	Kinder Morgan Energy Partners, MTN Senior Unsecured Notes 6.950%, 01/15/38		388,244
	395,000	Memorial Production Partners Senior Unsecured Notes 6.875%, 08/01/22		163,925
	215,000	MPLX LP 5.500%, 02/15/23 (a)		214,678
	180,000	Occidental Petroleum Senior Unsecured Notes 3.400%, 04/15/26		186,377
	500,000	Oleoducto Central SA (Colombia) Senior Unsecured Notes 4.000%, 05/07/21		481,250
	1,500,000	ONGC Videsh 3.750%,05/07/23		1,496,898
	200,000	4.625%,07/15/24		209,135
	750,000	Pacific Rubiales Energy (Canada) 5.125%,03/28/23 (d)		114,375
	500,000	5.625%,01/19/25 (a) (d)		77,500
	300,000	5.625%,01/19/25 (d)		46,500
	200,000	Petroleos Mexicanos (Mexico) 5.500%,01/21/21		210,250
	400,000	4.500%,01/23/26		381,560
	500,000	6.375%,01/23/45		490,000
	1,265,000	5.625%,01/23/46		1,130,986
	2,000,000	Petronas Global Sukuk (Morocco) Senior Unsecured Notes 2.707%, 03/18/20		2,015,174

Par Value			Market Value
		Energy (continued)
	$      181,000	Phillips 66 5.875%,05/01/42	$	211,744
	75,000	4.875%,11/15/44		81,349
	1,500,000	Reliance Industries (India) Senior Unsecured Notes 5.875%, 02/28/49		1,501,875
	115,000	Sanchez Energy 6.125%, 01/15/23		86,538
	40,000	Sandridge Energy Senior Secured Notes 8.750%, 06/01/20 (a)		11,800
	350,000	Schlumberger Holdings Senior Unsecured Notes 2.350%, 12/21/18 (a)		354,999
	1,700,000	Transportadora de Gas Internacional SA ESP (Colombia) Senior Unsecured Notes 5.700%, 03/20/22		1,776,500
				22,926,976
		Financials – 10.57%
	400,000	Agromercantil Senior Trust (Cayman Islands) 6.250%,04/10/19 (a)		411,000
	900,000	6.250%,04/10/19		924,750
	5,000	Air Lease Senior Unsecured Notes 3.375%, 06/01/21		5,038
	695,000	3.750%, 02/01/22		701,582
	1,305,000	Alibaba Group Holding 3.600%, 11/28/24		1,322,895
	525,000	Ally Financial Senior Unsecured Notes 4.125%, 03/30/20		536,156
	180,000	Ally Financial Senior Unsecured Notes 4.250%, 04/15/21		183,600
	145,000	American Express Credit Senior Unsecured Notes 2.125%, 03/18/19		147,161
	1,350,000	American Express Credit, GMTN Senior Unsecured Notes 2.250%, 08/15/19		1,373,394
	365,000	Anheuser-Busch InBev Finance 4.900%, 02/01/46		413,460
	110,000	Argos Merger Sub Senior Unsecured Notes 7.125%, 03/15/23 (a)		112,750
	665,000	Australia & New Zealand Banking Group, EMTN (Australia) Senior Unsecured Notes 4.875%, 01/12/21 (a)		742,756
	500,000	Banco Bilbao Vizcaya Argentaria Colombia SA (Colombia) Subordinated Notes 4.875%, 04/21/25		493,250
	1,000,000	Banco Continental SAECA (Paraguay) Senior Unsecured Notes 8.875%, 10/15/17		1,025,000

See accompanying Notes to Financial Statements.

28

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$      800,000	Banco de Costa Rica (Costa Rica) 5.250%, 08/12/18	$	814,000
	1,225,000	Banco de Credito del Peru (Peru) Subordinated Notes 6.125%, 04/24/27 (b)		1,331,575
	1,000,000	Banco de Credito e Inversiones (Chile) Senior Unsecured Notes 4.000%, 02/11/23		1,039,453
	500,000	Banco do Brasil SA (Brazil) 9.000%, 06/29/49 (a) (b)		361,250
	700,000	Banco GNB Sudameris SA (Colombia) Subordinated Notes 7.500%, 07/30/22		717,500
	2,100,000	Banco Internacional del Peru SAA (Peru) Subordinated Notes 6.625%, 03/19/29 (b)		2,194,500
	1,600,000	Banco Latinoamericano de Comercio Exterior SA (Panama) Senior Unsecured Notes 3.250%, 05/07/20		1,618,000
	1,000,000	Banco Mercantil del Norte SA (Mexico) Subordinated Notes 6.862%, 10/13/21 (b)		1,010,000
	600,000	Banco Nacional de Comercio Exterior SNC (Mexico) Senior Unsecured Notes 4.375%, 10/14/25		615,000
	1,000,000	4.375%, 10/14/25 (a)		1,025,000
	600,000	Banco Nacional de Costa Rica (Costa Rica) Senior Unsecured Notes 4.875%, 11/01/18		601,500
	1,000,000	5.875%, 04/25/21		1,003,750
	150,000	Banco Regional SAECA (Paraguay) Senior Unsecured Notes 8.125%, 01/24/19 (a)		156,420
	950,000	8.125%, 01/24/19		990,660
	2,300,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Mexico) Subordinated Notes 5.950%, 01/30/24 (b)		2,409,250
	1,500,000	Bancolombia SA (Colombia) Subordinated Notes 6.125%, 07/26/20		1,592,550
	570,000	Bank of America Senior Unsecured Notes 2.000%, 01/11/18		572,896
	600,000	2.625%, 04/19/21		604,238
	645,000	Bank of Montreal, MTN (Canada) Senior Unsecured Notes 2.375%, 01/25/19		658,618
	150,000	Bantrab Senior Trust (Cayman Islands) Senior Secured Notes 9.000%, 11/14/20		120,750

Par Value			Market Value
		Financials (continued)
	$      685,000	BB&T, MTN Senior Unsecured Notes 2.450%, 01/15/20	$	702,022
	750,000	BBVA Banco Continental SA (Peru) Subordinated Notes 5.250%,09/22/29 (b)		768,750
	1,100,000	5.350%,11/12/29 (b)		1,075,250
	1,000,000	BBVA Bancomer SA (Mexico) Subordinated Notes 6.008%, 05/17/22 (b)		1,023,900
	300,000	5.350%, 11/12/29 (a) (b)		293,250
	250,000	BBVA Colombia SA (Colombia) Subordinated Notes 4.875%, 04/21/25 (a)		246,625
	635,000	Boston Properties, REIT Senior Unsecured Notes 4.125%, 05/15/21		686,001
	200,000	Cementos Progreso Trust (Cayman Islands) 7.125%, 11/06/23		214,000
	425,000	Centene Escrow Senior Unsecured Notes 5.625%, 02/15/21 (a) (c)		447,313
	200,000	CIMPOR Financial Operations BV (Netherlands) 5.750%,07/17/24 (a)		153,740
	200,000	5.750%,07/17/24		153,740
	625,000	Citigroup Senior Unsecured Notes 2.650%, 10/26/20		633,225
	485,000	2.700%, 03/30/21		491,594
	300,000	Comcel Trust (Cayman Islands) 6.875%, 02/06/24 (a)		285,000
	750,000	Corp Financiera de Desarrollo SA (Peru) Senior Unsecured Notes 4.750%, 02/08/22		798,750
	1,300,000	Subordinated Notes 5.250%, 07/15/29 (b)		1,329,250
	250,000	CorpGroup Banking SA (Chile) Senior Unsecured Notes 6.750%, 03/15/23 (a)		239,063
	500,000	6.750%, 03/15/23		478,125
	200,000	Credito Real SAB de CV (Mexico) Senior Unsecured Notes 7.500%, 03/13/19 (a)		204,250
	200,000	7.500%, 03/13/19		204,250
	1,000,000	DBS Bank Subordinated Notes 3.625%, 09/21/22 (b)		1,026,203
	180,000	Equinix Senior Unsecured Notes 5.875%, 01/15/26		190,912
	405,000	ESH Hospitality 5.250%, 05/01/25 (a)		401,456
	300,000	Fondo MIVIVIENDA SA Senior Unsecured Notes 3.500%, 01/31/23		300,300

See accompanying Notes to Financial Statements.

29

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$      345,000	General Motors Financial 3.200%, 07/13/20	$	351,960
	800,000	Global Bank (Panama) Senior Unsecured Notes 4.750%, 10/05/17		818,240
	1,500,000	5.125%, 10/30/19		1,527,000
	700,000	5.125%, 10/30/19 (a)		712,600
	760,000	Goldman Sachs Group Senior Unsecured Notes 2.875%, 02/25/21		772,966
	1,900,000	Grupo Aval (Cayman Islands) 4.750%, 09/26/22		1,840,625
	1,000,000	GrupoSura Finance SA (Cayman Islands) 5.700%,05/18/21		1,065,000
	700,000	5.500%,04/29/26		713,125
	1,483,314	Guanay Finance (Cayman Islands) Senior Secured Notes 6.000%, 12/15/20		1,479,605
	1,700,000	Industrial Senior Trust (Cayman Islands) 5.500%, 11/01/22		1,657,500
	800,000	Intercorp Peru (Peru) Senior Unsecured Notes 5.875%, 02/12/25		794,000
	765,000	JPMorgan Chase Senior Unsecured Notes 2.550%, 10/29/20		775,880
	745,000	Subordinated Notes 4.250%, 10/01/27		778,383
	884,000	Liberty Mutual Group 6.500%, 05/01/42 (a)		1,042,450
	700,000	Magnesita Finance (British Virgin Islands) 8.625%, 04/29/49		444,500
	345,000	McGraw Hill Financial 4.400%, 02/15/26		382,634
	60,000	MGP Escrow Issuer 5.625%, 05/01/24		62,588
	740,000	Morgan Stanley Senior Unsecured Notes 2.650%, 01/27/20		751,329
	220,000	2.500%, 04/21/21		220,800
	730,000	3.875%, 01/27/26		759,350
	720,000	MUFG Americas Holdings Senior Unsecured Notes 1.625%, 02/09/18		718,052
	105,000	National Rural Utilities Cooperative Finance 10.375%,11/01/18		127,773
	990,000	2.000%,01/27/20		1,001,197
	195,000	OPE KAG Finance Senior Unsecured Notes 7.875%, 07/31/23 (a)		200,363
	2,000,000	Oversea-Chinese Banking, EMTN (Singapore) Subordinated Notes 4.000%, 10/15/24 (b)		2,083,940

Par Value			Market Value
		Financials (continued)
	$      400,000	Peru Enhanced Pass-Through Finance (Cayman Islands) 0.000%, 06/02/25 (e) (f)	$	313,028
	660,000	PNC Funding 3.300%, 03/08/22		696,760
	210,000	Royal Bank of Canada Senior Unsecured Notes 2.500%, 01/19/21		214,705
	690,000	Simon Property Group, REIT Senior Unsecured Notes 3.300%, 01/15/26		725,888
	495,000	State Street Senior Unsecured Notes 3.550%, 08/18/25		534,160
	1,500,000	SUAM Finance BV (Netherlands) 4.875%, 04/17/24		1,533,750
	770,000	Sumitomo Mitsui Financial Group Senior Unsecured Notes 2.934%, 03/09/21		786,761
	725,000	Synchrony Financial Senior Unsecured Notes 3.000%, 08/15/19		736,107
	1,000,000	Tanner Servicios Financieros SA (Chile) Senior Unsecured Notes 4.375%, 03/13/18		1,006,500
	740,000	TIAA Asset Management Finance Senior Unsecured Notes 2.950%, 11/01/19 (a)		755,371
	710,000	Toronto-Dominion Bank Senior Unsecured Notes 2.125%, 04/07/21		710,930
	200,000	Unifin Financiera SA de CV (Mexico) 6.250%,07/22/19 (a)		193,250
	700,000	6.250%,07/22/19		678,160
	2,000,000	United Overseas Bank, EMTN (Singapore) Subordinated Notes 3.750%, 09/19/24 (b)		2,056,900
	500,000	3.500%, 09/16/26 (b)		502,345
	480,000	Wells Fargo Senior Unsecured Notes 3.000%, 04/22/26		478,018
	880,000	Wells Fargo, MTN Senior Unsecured Notes 3.550%, 09/29/25		922,632
	765,000	Westpac Banking Senior Unsecured Notes 2.600%, 11/23/20		782,493
				74,886,289
		Healthcare – 0.73%
	683,000	AbbVie Senior Unsecured Notes 4.700%, 05/14/45		727,578
	708,000	Actavis Funding SCS (Luxembourg) 2.350%, 03/12/18		715,774

See accompanying Notes to Financial Statements.

30

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Healthcare (continued)
	$      695,000	AstraZeneca Senior Unsecured Notes 2.375%, 11/16/20	$	710,729
	515,000	Cardinal Health Senior Unsecured Notes 1.950%, 06/15/18		520,680
	565,000	Eli Lilly Senior Unsecured Notes 3.700%, 03/01/45		586,817
	220,000	Quintiles Transnational 4.875%, 05/15/23 (a)		226,325
	320,000	Select Medical 6.375%, 06/01/21		305,200
	150,000	Team Health 7.250%, 12/15/23 (a)		159,656
	770,000	WellPoint Senior Unsecured Notes 2.300%, 07/15/18		780,862
	421,000	Zimmer Holdings Senior Unsecured Notes 1.450%, 04/01/17		421,424
				5,155,045
		Industrials – 2.36%
	850,000	Aeropuerto Internacional de Tocumen SA (Panama) Senior Secured Notes 5.750%, 10/09/23		872,950
	200,000	Aeropuertos Dominicanos Siglo XXI SA (Domican Republic) Senior Secured Notes 9.750%, 11/13/19 (a)		213,500
	200,000	9.750%, 11/13/19		213,500
	335,000	Air Medical Merger Sub Senior Unsecured Notes 6.375%, 05/15/23 (a)		323,275
	400,000	Avianca Holdings SA (Panama) 8.375%,05/10/20 (a)		320,000
	800,000	8.375%,05/10/20		640,000
	240,000	Berry Plastics Secured Notes 5.500%, 05/15/22		247,800
	357,000	Boeing Senior Unsecured Notes 6.875%, 03/15/39		520,770
	700,000	Burlington Northern Santa Fe Senior Unsecured Notes 4.550%, 09/01/44		779,887
	390,000	Delphi 4.150%, 03/15/24		409,977
	299,000	Delphi Automotive 4.250%, 01/15/26		317,321
	414,000	Enterprise Products Operating 3.700%, 02/15/26		422,380
	600,000	ESAL GmbH (Austria) 6.250%,02/05/23 (a)		556,320
	200,000	6.250%,02/05/23		185,440

Par Value			Market Value
		Industrials (continued)
	$      705,000	FedEx 4.750%, 11/15/45	$	775,328
	255,000	Gates Global 6.000%, 07/15/22 (a)		223,125
	200,000	Grupo Cementos de Chihuahua SAB de CV (Mexico) Senior Secured Notes 8.125%, 02/08/20		210,500
	750,000	Grupo Elektra SAB de CV (Mexico) 7.250%, 08/06/18		749,063
	200,000	Grupo Posadas SAB de CV (Mexico) 7.875%, 06/30/22 (a)		199,500
	800,000	Latam Airlines Group (Chile) Senior Unsecured Notes 7.250%, 06/09/20 (a)		762,000
	700,000	Lima Metro Line 2 Finance (Cayman Islands) Senior Secured Notes 5.875%, 07/05/34		721,700
	650,000	Lockheed Martin Senior Unsecured Notes 4.700%, 05/15/46		750,114
	40,000	Microsemi 9.125%, 04/15/23 (a)		44,300
	355,000	Milacron 7.750%, 02/15/21 (a)		358,106
	400,000	OAS Financial (British Virgin Islands) 8.875%,04/29/49 (a) (d)		2,500
	600,000	8.875%,04/29/49 (d)		3,750
	400,000	Odebrecht Finance (Cayman Island) 7.125%, 06/26/42		149,000
	200,000	Pesquera Exalmar S.A.A. (Peru) Senior Unsecured Notes 7.375%, 01/31/20 (a)		150,500
	400,000	7.375%, 01/31/20		301,000
	300,000	Plastipak Holdings Senior Unsecured Notes 6.500%, 10/01/21 (a)		306,000
	665,000	Reynolds American 4.000%, 06/12/22		724,038
	385,000	Reynolds Group Issuer 8.250%, 02/15/21		400,400
	200,000	Southern Copper Senior Unsecured Notes 7.500%, 07/27/35		216,064
	300,000	Terex 6.000%, 05/15/21		298,500
	995,000	Thermo Fisher Scientific Senior Unsecured Notes 3.300%, 02/15/22		1,026,251
	450,000	TransDigm 6.000%, 07/15/22		457,740
	350,000	Union Andina de Cementos SAA (Peru) Senior Unsecured Notes 5.875%, 10/30/21 (a)		360,500
	900,000	5.875%, 10/30/21		927,000
	560,000	Waste Management 4.100%, 03/01/45		579,801
				16,719,900

See accompanying Notes to Financial Statements.

31

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Information Technology – 1.29%
	$      310,000	Activision Blizzard 5.625%, 09/15/21 (a)	$	327,050
	490,000	Apple Senior Unsecured Notes 4.650%, 02/23/46		540,429
	800,000	Cisco Systems Senior Unsecured Notes 1.650%, 06/15/18		811,637
	125,000	CSC Holdings LLC Senior Unsecured Notes 5.250%, 06/01/24		114,063
	410,000	Ensemble S Merger Senior Notes 9.000%, 09/30/23 (a)		408,463
	530,000	Fidelity National Information Services Senior Unsecured Notes 3.625%, 10/15/20		555,373
	140,000	First Data 7.000%,12/01/23 (a)		144,375
	155,000	5.750%,01/15/24 (a)		157,906
	540,000	Hewlett Packard Enterprise 3.600%, 10/15/20 (a)		559,949
	355,000	Infor US 6.500%, 05/15/22		329,444
	430,000	International Business Machines Senior Unsecured Notes 1.125%,02/06/18		431,046
	330,000	1.250%, 02/08/18		331,424
	160,000	Micron Technology Senior Secured Notes 7.500%, 09/15/23		166,000
	675,000	Microsoft Senior Unsecured Notes 4.450%, 11/03/45		753,490
	460,000	Oracle Senior Unsecured Notes 2.375%, 01/15/19		475,892
	994,000	2.250%, 10/08/19		1,025,125
	735,000	4.125%, 05/15/45		763,375
	210,000	Sabre Global 5.250%, 11/15/23 (a)		213,675
	305,000	Sinclair Television Group 5.625%, 08/01/24 (a)		314,531
	145,000	Solera Senior Unsecured Notes 10.500%, 03/01/24 (a)		152,250
	80,000	Western Digital Senior Secured Notes 7.375%, 04/01/23 (a)		80,800
	450,000	Xerox Senior Unsecured Notes 2.950%, 03/15/17		454,599
				9,110,896

Par Value			Market Value
		Materials – 1.40%
	$      325,000	Ashland 4.750%, 08/15/22	$	328,088
	500,000	Braskem America Finance 7.125%, 07/22/41		447,350
	1,000,000	Celulosa Arauco y Constitucion SA (Chile) Senior Unsecured Notes 5.000%, 01/21/21		1,075,356
	1,100,000	Cia Minera Ares SAC (Peru) 7.750%, 01/23/21		1,141,250
	100,000	Colbun SA (Chile) Senior Unsecured Notes 6.000%, 01/21/20		110,896
	300,000	Freeport-McMoRan 3.875%,03/15/23		252,000
	850,000	5.450%,03/15/43		646,000
	1,435,000	Georgia-Pacific Senior Unsecured Notes 3.600%, 03/01/25 (a)		1,500,667
	600,000	Grupo Idesa SA de CV (Mexico) 7.875%, 12/18/20		589,500
	460,000	Signode Industrial Group Lux SA Senior Unsecured Notes 6.375%, 05/01/22 (a)		450,800
	200,000	SINOPEC Group Overseas Development (British Virgin Islands) 2.500%, 04/28/20 (a)		200,003
	1,000,000	Southern Copper Senior Unsecured Notes 6.750%, 04/16/40		1,000,081
	280,000	5.250%, 11/08/42		242,394
	800,000	Vedanta Resources (United Kingdom) Senior Unsecured Notes 7.125%, 05/31/23 (a)		574,000
	400,000	7.125%, 05/31/23		287,000
	1,300,000	Volcan Cia Minera SAA (Peru) 5.375%, 02/02/22		1,053,000
				9,898,385
		Telecommunications – 2.63%
	365,000	21st Century Fox America 4.750%, 09/15/44		391,222
	705,000	AT&T Senior Unsecured Notes 3.400%, 05/15/25		717,630
	700,000	Axiata SPV2 Bhd Senior Unsecured Notes 3.466%, 11/19/20		719,279
	2,000,000	Bharti Airtel (India) Senior Unsecured Notes 4.375%, 06/10/25		2,049,700
	1,306,000	British Telecommunications (United Kingdom) Senior Unsecured Notes 5.950%, 01/15/18		1,407,333

See accompanying Notes to Financial Statements.

32

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Telecommunications (continued)
	$      180,000	CCO Holdings 5.250%,09/30/22	$	186,300
	85,000	5.125%,05/01/23 (a)		86,913
	195,000	5.500%,05/01/26		199,388
	445,000	Cequel Communications Holdings I Senior Unsecured Notes 6.375%, 09/15/20 (a)		458,350
	120,000	Comcast 4.200%,08/15/34		127,946
	570,000	4.400%,08/15/35		631,732
	600,000	Comcel Trust Via Comunicaciones Celulares SA (Cayman Islands) 6.875%, 02/06/24		570,000
	305,000	CommScope 5.000%, 06/15/21 (a)		309,194
	300,000	Digicel Group (Bermuda) Senior Unsecured Notes 7.125%, 04/01/22 (a)		245,625
	1,900,000	7.125%, 04/01/22		1,555,625
	195,000	Frontier Communications Senior Unsecured Notes 10.500%, 09/15/22 (a)		201,825
	385,000	Gannett 4.875%, 09/15/21 (a)		393,663
	360,000	Intelsat Jackson Holdings SA (Luxembourg) Senior Secured Notes 5.500%, 08/01/23		228,825
	40,000	8.000%, 02/15/24 (a)		41,500
	340,000	Level 3 Communications Senior Unsecured Notes 5.750%, 12/01/22		350,373
	680,000	Omnicom Group 3.600%, 04/15/26		710,048
	1,000,000	Ooredoo Tamweel Senior Unsecured Notes 3.039%, 12/03/18		1,021,600
	180,000	Orange SA (France) Senior Unsecured Notes 2.750%, 09/14/16		181,150
	484,000	2.750%, 02/06/19		498,827
	285,000	SBA Communications Senior Unsecured Notes 5.625%, 10/01/19		296,756
	200,000	Sixsigma Networks Mexico SA de CV (Mexico) 8.250%,11/07/21		193,000
	200,000	8.250%,11/07/21 (a)		193,000
	1,000,000	Telefonica Celular del Paraguay SA (Paraguay) Senior Unsecured Notes 6.750%, 12/13/22		990,000
	300,000	Telefonica Chile SA (Chile) Senior Unsecured Notes 3.875%, 10/12/22		310,155
	405,000	Tribune Media 5.875%, 07/15/22		402,975

Par Value			Market Value
		Telecommunications (continued)
	$      200,000	TV Azteca SAB de CV (Mexico) 7.500%, 05/25/18	$	132,000
	500,000	TV Azteca SAB de CV, EMTN (Mexico) 7.625%, 09/18/20		313,750
	1,400,000	Verizon Communications Senior Unsecured Notes 4.400%, 11/01/34		1,430,612
	1,100,000	VTR Finance BV (Netherlands) Senior Secured Notes 6.875%, 01/15/24		1,101,375
				18,647,671
		Utilities – 2.78%
	1,500,000	Abengoa Transmision Sur SA (Peru) Senior Secured Notes 6.875%, 04/30/43 (a)		1,552,500
	700,000	6.875%, 04/30/43		724,500
	300,000	AES El Salvador Trust II (Panama) 6.750%, 03/28/23		243,750
	200,000	Comision Federal de Electricidad (Mexico) Senior Unsecured Notes 4.875%, 01/15/24		209,000
	400,000	6.125%, 06/16/45		408,000
	690,000	Duke Energy Progress 4.150%, 12/01/44		749,103
	1,500,000	Empresa de Energia de Bogota SA ESP (Colombia) Senior Unsecured Notes 6.125%, 11/10/21		1,571,250
	2,000,000	Empresa Electrica Angamos SA (Chile) Senior Secured Notes 4.875%, 05/25/29		1,897,834
	700,000	Empresa Electrica Guacolda SA (Chile) Senior Unsecured Notes 4.560%, 04/30/25 (a)		661,947
	600,000	Empresas Publicas de Medellin ESP (Colombia) Senior Unsecured Notes 7.625%, 07/29/19		683,400
	420,000	Exelon Senior Unsecured Notes 3.400%, 04/15/26		428,912
		Fermaca Enterprises S de RL de CV (Mexico) Senior Secured Notes
	290,073	6.375%, 03/30/38 (a)		280,646
	1,498,710	6.375%, 03/30/38		1,450,002
	2,000,000	GNL Quintero SA (Chile) Senior Unsecured Notes 4.634%, 07/31/29		2,029,966
		Israel Electric (Israel) Senior Secured Notes
	500,000	5.625%, 06/21/18		532,785
	1,000,000	5.000%, 11/12/24		1,071,250

See accompanying Notes to Financial Statements.

33

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Utilities (continued)
	$   1,258,712	Mexico Generadora de Energia S de rl (Mexico) Senior Secured Notes 5.500%, 12/06/32	$	1,208,364
	793,000	Midamerican Energy Holdings Senior Unsecured Notes 6.500%, 09/15/37		1,074,032
	1,800,000	National Gas Co of Trinidad & Tobago (Trinidad) Senior Unsecured Notes 6.050%, 01/15/36		1,840,500
	1,035,000	Southern Senior Unsecured Notes 2.450%, 09/01/18		1,056,300
				19,674,041
		Total Corporate Notes and Bonds (Cost $208,883,567)		206,842,379
	COLLATERALIZED MORTGAGE AND ASSET-BACKED SECURITIES – 13.28%
	2,613,305	Alternative Loan Trust Series 2007-J2, Class 2A1 6.000%, 07/01/37		2,695,246
	46,685	American General Mortgage Loan Trust Series 2010-1A, Class A3 5.650%, 03/01/58 (a) (b)		46,733
	350,000	Banc of America Commercial Mortgage Trust Series 2007-4, Class AM 6.001%, 02/01/51 (b)		366,680
	495,311	Banc of America Funding Series 2006-B, Class 7A1 3.208%, 03/01/36 (b)		444,168
	669,731	Banc of America Funding Series 2010-R9, Class 3A3 5.500%, 12/01/35 (a)		550,070
	80,877	Banc of America Funding Series 2012-R4, Class A 0.699%, 03/03/39 (a) (b)		80,576
	630,000	BBCMS Trust Series 2015-STP, Class D 4.427%, 09/06/28 (a) (b)		633,841
	230,854	Bear Stearns Asset Backed Securities I Trust Series 2004-AC2, Class 2A 5.000%, 05/01/34		229,504
	450,000	Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26, Class AJ 5.566%, 01/01/45 (b)		443,324
	403,500	CDGJ Commercial Mortage Trust Series 2014-BXCH, Class B 2.283%, 12/15/27 (a) (b)		397,964
	88,927	Citicorp Mortgage Securities Trust Series 2007-2, Class 3A1 5.500%, 02/01/37		88,503

Par Value			Market Value
	$      450,000	Citigroup Commercial Mortgage Trust Series 2007-C6, Class AM 5.899%, 12/01/49 (b)	$	452,813
	946,120	Citigroup Commercial Mortgage Trust Series 2012-GC8, Class XA 2.323%, 09/01/45 (a) (b)		71,115
	350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class C 2.738%, 01/01/30 (a)		350,570
	350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class D 3.008%, 01/01/30 (a) (b)		348,574
	4,915,063	Citigroup Commercial Mortgage Trust Series 2014-GC25, Class XA 1.238%, 10/01/47 (b)		327,247
	440,700	Citigroup Commercial Mortgage Trust Series 2015-GC27, Class D 4.577%, 02/01/48 (a) (b)		339,762
	780,000	Citigroup Commercial Mortgage Trust Series 2015-GC31, Class C 4.200%, 06/01/48 (b)		751,506
	235,000	Citigroup Commercial Mortgage Trust Series 2015-GC35, Class C 4.652%, 11/01/48		229,702
	7,522,488	Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA 1.060%, 11/01/48 (b)		433,477
	7,790,820	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA 1.515%, 02/01/49 (b)		730,135
	5,511,000	Citigroup Commercial Mortgage Trust Series 2016-P3, Class XA 1.718%, 04/01/49 (b)		661,842
	2,000,745	Citigroup Mortgage Loan Trust Series 2006-AR2, Class 1A2 2.915%, 03/01/36 (b)		1,889,322
	340,000	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class AMFX 5.366%, 12/01/49 (b)		345,535
	300,000	COBALT Commercial Mortgage Trust Series 2007-C2, Class AFJX 5.568%, 04/01/47 (b)		291,980
	453,000	COMM Mortgage Trust Series 2016-DC2, Class C 4.798%, 02/01/49 (b)		447,488
	6,814,224	COMM Mortgage Trust Series 2016-DC2, Class XA 1.240%, 02/01/49 (b)		504,348
	56,403	Commercial Mortgage Pass Through Certificates Series 2010-C1, Class XPA 1.726%, 07/01/46 (a) (b)		1,364
	1,874,192	Commercial Mortgage Pass Through Certificates Series 2012-CR3, Class XA 2.260%, 10/01/45 (b)		162,188

See accompanying Notes to Financial Statements.

34

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$ 20,541,705	Commercial Mortgage Pass Through Certificates Series 2013-CR10, Class XA 1.119%, 08/01/46 (b)	$	860,441
	3,677,963	Commercial Mortgage Pass Through Certificates Series 2014-CCRE19, Class XA 1.443%, 08/01/47 (b)		241,869
	300,000	Commercial Mortgage Pass Through Certificates Series 2014-CR20, Class C 4.657%, 11/01/47 (b)		300,650
	350,000	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class E 2.787%, 06/11/27 (a) (b)		345,782
	586,888	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class F 3.937%, 06/11/27 (a) (b)		582,695
	350,000	Commercial Mortgage Pass Through Certificates Series 2015-CCRE23, Class D 4.399%, 05/01/48 (b)		265,766
	470,000	Commercial Mortgage Pass Through Certificates Series 2015-CR25, Class C 4.699%, 08/01/48 (b)		462,494
	600,000	Commercial Mortgage Pass Through Certificates Series 2015-CR26, Class B 4.645%, 10/01/48 (b)		637,766
	8,374,107	Commercial Mortgage Pass Through Certificates Series 2015-CR26, Class XA 1.215%, 10/01/48 (b)		590,362
	585,000	Commercial Mortgage Pass Through Certificates Series 2015-LC23, Class C 4.801%, 10/01/53 (b)		581,008
	9,153,593	Commercial Mortgage Pass Through Certificates Series 2016-C3, Class XA 1.259%, 01/01/48 (b)		711,630
	807,000	Commercial Mortgage Pass Through Certificates Series 2016-CCRE28, Class C 4.803%, 02/01/49 (b) (c)		799,160
	650,000	Commercial Mortgage Trust Series 2007-GG11, Class AJ 6.237%, 12/01/49 (b)		641,832
	500,000	Core Industrial Trust Series 2015-CALW, Class D 3.979%, 02/01/34 (a) (b)		503,282
	1,256,548	Countrywide Alternative Loan Trust Series 2005-86CB, Class A5 5.500%, 02/01/36		1,129,671
	512,637	Countrywide Alternative Loan Trust Series 2006-J1, Class 2A1 7.000%, 02/01/36		244,629

Par Value			Market Value
	$        76,460	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A17 6.000%, 08/01/37	$	67,352
	307,053	Countrywide Alternative Loan Trust Series 2007-23CB, Class A3 0.939%, 09/25/37 (b)		189,594
	293,184	Countrywide Alternative Loan Trust Series 2007-23CB, Class A4 6.074%, 09/25/37 (b) (g)		79,697
	588,457	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-HYB8, Class 4A1 2.810%, 12/01/35 (b)		523,353
	1,473,411	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-14, Class A15 6.500%, 09/01/37		1,441,984
	546,756	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-2, Class A13 6.000%, 03/01/37		512,082
	119,059	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-7, Class A4 5.750%, 06/01/37		111,920
	275,000	Credit Suisse Commercial Mortgage Trust Series 2006-C4, Class AM 5.509%, 09/01/39		277,139
	625,000	Credit Suisse Commercial Mortgage Trust Series 2007-C4, Class A1AM 6.140%, 09/01/39 (b)		632,008
	31,631	Credit Suisse First Boston Mortgage Securities Series 1998-C2, Class F 6.750%, 11/11/30 (a) (b)		31,853
	1,769,265	Credit Suisse First Boston Mortgage Securities Series 2005-9, Class 5A9 5.500%, 10/01/35		1,526,463
	874,699	Credit Suisse Mortgage Capital Certificates Series 2007-1, Class 5A4 6.000%, 02/01/37		751,965
	250,000	Credit Suisse Mortgage Capital Certificates Series 2009-RR2, Class IQB 5.695%, 04/01/49 (a) (b)		254,108
	3,972,450	CSMC Trust Series 2013-IVR4, Class A11 3.487%, 07/01/43 (a) (b)		4,042,669
	3,972,450	CSMC Trust Series 2013-IVR4, Class A2 3.000%, 07/01/43 (a) (b)		3,992,002
	534,000	DBJPM Series 2016-C1, Class C 3.352%, 05/01/49 (b)		477,741

See accompanying Notes to Financial Statements.

35

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$   7,725,000	DBJPM Series 2016-C1, Class XA 1.509%, 05/01/49 (b)	$	832,959
	569,000	FHLMC Multifamily Structured Pass Through Certificates Series K050, Class A2 3.334%, 08/01/25 (b)		614,958
	766,000	FHLMC Multifamily Structured Pass Through Certificates Series K053, Class A2 2.995%, 12/01/25		806,415
	831,000	FHLMC Multifamily Structured Pass Through Certificates Series K054, Class A2 2.745%, 01/01/26		857,045
	3,135,340	First Horizon Alternative Mortgage Securities Trust Series 2005-FA4, Class 1A6 5.500%, 06/01/35		2,837,652
	1,686,630	First Horizon Mortgage Pass-Through Trust Series 2006-2, Class 1A3 6.000%, 08/01/36		1,597,384
	831,000	FREMF Mortgage Trust Sereis 2016-K54, Class B 4.051%, 02/01/26 (b)		770,004
	391,000	GS Mortgage Securities Trust Series 2014-GC26, Class C 4.662%, 11/01/47 (b)		387,276
	6,480,889	GS Mortgage Securities Trust Series 2015-GC34, Class XA 1.533%, 10/01/48 (b)		587,086
	10,773,868	GS Mortgage Securities Trust Series 2015-GS1, Class XA 0.990%, 11/01/48 (b)		650,802
	762,000	GS Mortgage Securities Trust Series 2016-ICE2, Class A 2.363%, 02/15/33 (b)		764,728
	534,481	GS Mortgage Securities Trust Series 2207-GG10, Class A4 5.987%, 08/01/45 (b)		549,538
	546,424	GSR Mortgage Loan Trust Series 2006-AR1, Class 3A1 3.070%, 01/01/36 (b)		494,580
	41,183	HSI Asset Loan Obligation Trust Series 2007-2, Class 1A1 5.500%, 09/01/37		39,490
	1,076,695	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP8, Class X 0.676%, 05/01/45 (b)		1,171
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AM 5.372%, 05/01/47		349,181
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19 Class AM 5.889%, 02/01/49 (b)		358,389

Par Value			Market Value
	$      537,200	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB20, Class AJ 6.284%, 02/01/51 (b)	$	532,465
	250,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12, Class AM 6.207%, 02/01/51 (b)		260,756
	688,986	JP Morgan Chase Commercial Mortgage Securities Trust Series 2008-C2, Class A4 6.068%, 02/01/51		719,589
	828,402	JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class XA 1.565%, 07/01/46 (a) (b)		28,245
	2,247,272	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C8, Class XA 2.192%, 10/01/45 (b)		176,699
	731,165	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XA 1.875%, 06/01/45 (b)		45,106
	5,798,790	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C18, Class XA 1.283%, 02/01/47 (b)		307,407
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C21, Class C 4.816%, 08/01/47 (b)		305,974
	3,703,785	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C21, Class XA 1.261%, 08/01/47 (b)		242,194
	330,824	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C23, Class C 4.608%, 09/01/47 (b)		336,125
	450,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C25, Class C 4.597%, 11/01/47 (b)		451,882
	6,501,881	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C25, Class XA 1.153%, 11/01/47 (b)		371,891
	5,282,154	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C26, Class XA 1.322%, 01/01/48 (b)		330,688
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class A 3.429%, 06/06/27 (a)		310,292
	4,424,436	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C27, Class XA 1.523%, 02/01/48 (b)		337,393

See accompanying Notes to Financial Statements.

36

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$  7,957,643	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C28, Class XA 1.343%, 10/01/48 (b)	$	537,189
	650,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.819%, 11/01/48 (b)		607,973
	670,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C33, Class C 4.773%, 12/01/48 (b)		660,290
	8,390,056	JP Morgan Chase Commercial Mortgage Securities Trust Series2015-JP1, Class XA 1.316%, 01/01/49 (b)		574,154
	755,000	JPMBB Commercial Mortgage Securities Trust Series 2016-C1, Class C 4.905%, 03/01/49 (b)		750,706
	485,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMB 5.189%, 07/11/44		500,055
	250,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMFL 6.096%, 07/11/44 (a) (b)		259,431
	586,445	LB-UBS Commercial Mortgage Trust Series 2007-C1, Class AJ 5.484%, 02/11/40		583,684
	747,000	LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AJ 6.448%, 09/11/45 (b)		747,096
	350,000	Merrill Lynch Mortgage Trust Series 2006-C2, Class AJ 5.802%, 08/01/43 (b)		348,432
	30,484	ML-CFC Commercial Mortgage Trust Series 2006-1, Class AJ 5.836%, 02/01/39 (b)		30,463
	250,000	ML-CFC Commercial Mortgage Trust Series 2007-5, Class AM 5.419%, 08/01/48		255,581
	844,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29, Class C 4.912%, 05/01/49 (b) (c)		835,280
	894,535	Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XA 1.894%, 08/01/45 (a) (b)		56,652
	5,914,847	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class XA 1.434%, 02/01/47 (b)		322,472
	300,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C18, Class C 4.489%, 10/01/47		301,784

Par Value			Market Value
	$      413,500	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class C 4.000%, 12/01/47	$	390,762
	785,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class C 4.680%, 10/01/48 (b)		765,313
	800,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D 3.060%, 10/01/48 (a)		573,342
	80,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27, Class C 4.689%, 12/01/47 (b)		76,810
	8,503,897	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28, Class XA 1.450%, 01/01/49 (b)		745,432
	140,788	Morgan Stanley Capital I Trust Series 2006-HQ8, Class AJ 5.590%, 03/01/44 (b)		140,535
	375,100	Morgan Stanley Capital I Trust Series 2007-1Q16, Class AMA 6.252%, 12/01/49 (b)		389,748
	300,000	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AJ 5.508%, 02/01/44 (b)		296,094
	250,000	Morgan Stanley Capital I Trust Series 2007-IQ13, Class AM 5.406%, 03/01/44		255,777
	636,155	Morgan Stanley Capital I Trust Series 2011-C1, Class XA 0.636%, 09/01/47 (a) (b)		11,220
	250,000	Morgan Stanley Capital I Trust Series 2014-CPT, Class E 3.560%, 07/01/29 (a) (b)		244,083
	350,000	Morgan Stanley Capital I Trust Series 2014-MP, Class D 3.816%, 08/01/29 (a) (b)		353,892
	588,000	Morgan Stanley Capital I Trust Series 2015-XLF1, Class AFSC 3.433%, 08/15/26 (a) (b)		587,617
	851,484	Morgan Stanley Mortgage Loan Trust Series 2005-3AR, Class 2A2 2.888%, 07/01/35 (b)		772,664
	6,956,484	Morgan Stanley Mortgage Loan Trust Series 2005-9AR, Class 2A 3.389%, 12/01/35 (b)		5,922,041
	275,511	Nomura Asset Acceptance Corp Alternative Loan Trust Series 2005-AP3, Class A3 5.318%, 08/01/35 (b)		165,712
	4,418,659	RALI Trust Series 2006-QS7, Class A2 6.000%, 06/01/36		3,618,645
	222,861	Residential Asset Securitization Trust Series 2006-A6, Class 1A1 6.500%, 07/01/36		123,533

See accompanying Notes to Financial Statements.

37

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$      503,481	Residential Asset Securitization Trust Series 2007-A1, Class A8 6.000%, 03/01/37	$	343,121
	2,024,364	Sequoia Mortgage Trust Series 2013-1, Class 2A1 1.855%, 02/01/43 (b)		1,922,079
	305,453	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 2A2 2.683%, 02/01/36 (b)		268,154
	1,871,542	UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class XA 2.239%, 08/01/49 (a) (b)		164,910
	500,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C32, Class AMFX 5.703%, 06/01/49 (a)		510,921
	67,821	Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Class AJ 5.658%, 03/01/45 (b)		67,748
	540,000	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Class AJ 5.632%, 10/01/48 (b)		530,254
	1,063,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AJ 5.413%, 12/01/43 (b)		1,047,832
	250,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AM 5.383%, 12/01/43		255,634
	350,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AMFL 0.633%, 12/15/43 (a) (b)		333,722
	300,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ 6.147%, 02/01/51 (b)		296,702
	580,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AM 6.147%, 02/01/51 (b)		599,358
	2,141,406	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-8, Class 2CB1 5.500%, 10/01/35		2,113,102
	471,800	Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class D 3.586%, 02/01/48 (a)		347,257
	725,000	Wells Fargo Commercial Mortgage Trust Series 2014-LC16, Class D 3.938%, 08/01/50 (a)		569,030

Par Value			Market Value
	$      400,000	Wells Fargo Commercial Mortgage Trust Series 2015-C28, Class C 4.275%, 05/01/48 (b)	$	370,015
	585,000	Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class C 4.766%, 11/01/48 (b)		584,225
	8,473,771	Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA (b) 1.276%, 11/01/48		649,794
	480,000	Wells Fargo Commercial Mortgage Trust Series 2015-LC22, Class C (b) 4.690%, 09/01/58		475,617
	4,465,794	Wells Fargo Commercial Mortgage Trust Series 2015-NXS1, Class XA 1.340%, 05/01/48 (b)		324,076
	610,000	Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class C 4.638%, 09/01/57 (b)		576,112
	558,000	Wells Fargo Commercial Mortgage Trust Series 2016-C32, Class C 4.878%, 01/01/59 (b)		557,853
	517,000	Wells Fargo Commercial Mortgage Trust Series 2016-C33, Class C 3.896%, 03/01/59		484,439
	5,360,730	Wells Fargo Commercial Mortgage Trust Series 2016-C33, Class XA 1.986%, 03/01/59 (b)		645,185
	512,000	Wells Fargo Commerical Mortgage Trust Series 2014-LC18, Class B 3.959%, 12/01/47		534,766
	341,021	Wells Fargo Mortgage Backed Securities Trust Series 2007-13, Class A6 6.000%, 09/01/37		349,171
	351,964	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 1A16 6.000%, 07/01/37		347,987
	943,076	WF-RBS Commercial Mortgage Trust Series 2012-C8, Class XA 2.313%, 08/01/45 (a) (b)		73,295
	1,387,266	WF-RBS Commercial Mortgage Trust Series 2012-C9, Class XA 2.303%, 11/01/45 (a) (b)		119,140
	6,290,174	WF-RBS Commercial Mortgage Trust Series 2014-C21, Class XA 1.326%, 08/01/47 (b)		411,220
		Total Collateralized Mortgage and Asset-Backed Securities (Cost $94,811,729)		94,059,089

See accompanying Notes to Financial Statements.

38

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 42.43%
		Fannie Mae – 11.55%
	$      374,833	4.000%, 06/01/42 Pool # AB5459	$	391,786
	4,261,306	3.000%, 10/01/34 Pool # AS3456		4,443,392
	4,317,425	3.000%, 01/01/35 Pool # AS4281		4,501,917
	3,783,953	3.000%, 03/01/45 Pool # AS4645		3,882,737
	9,984,321	3.500%, 03/01/46 Pool # BC0281		10,534,156
	618,141	3.500%, 12/01/31 Pool # MA0919		654,180
	548,578	3.500%, 01/01/32 Pool # MA0949		580,581
	167,835	4.500%, 03/01/42 Pool # MA1050		176,507
	1,500,807	3.000%, 06/01/33 Pool # MA1459		1,565,347
	5,084,957	3.000%, 04/01/45 Pool # MA2248		5,155,413
	238,676	4.000%, 09/01/31 Pool # MA3894		257,303
	209,737	6.194%, 10/25/36 (b) (g) Series 2007-57, Class SX, REMIC		32,977
	395,764	5.374%, 09/25/36 (b) (g) Series 2009-86, Class CI, REMIC		53,660
	326,562	4.000%, 01/01/41 Series 2010-156, Class ZC, REMIC		369,620
	305,392	4.500%, 12/01/41 Series 2011-121, Class JP, REMIC		327,185
	491,660	4.000%, 03/01/41 Series 2011-18, Class UZ, REMIC		519,456
	1,133,414	3.500%, 10/01/42 Series 2012-105, Class Z, REMIC		1,173,495
	2,401,274	2.750%, 11/01/42 Series 2012-127, Class PA		2,442,294
	4,164,380	3.500%, 03/01/42 Series 2012-20, Class ZT, REMIC		4,402,394
	1,765,664	4.000%, 04/01/42 Series 2012-31, Class Z, REMIC		1,934,927
	8,652,798	2.000%, 08/01/42 Series 2013-5, Class EZ, REMIC		8,085,172
	5,253,133	3.000%, 02/01/43 Series 2013-8, Class Z, REMIC		5,048,667
	5,229,846	3.000%, 11/01/44 Series 2014-73, Class CZ, REMIC		5,051,946
	7,842,131	3.000%, 01/01/45 Series 2015-9, Class HA		8,178,902
	5,886,481	3.000%, 08/01/42 Series 2015-95, Class AP, REMIC		6,078,992
	5,440,750	3.000%, 05/01/46 Series 2016-24, Class NZ, REMIC (f)		5,241,825
	757,000	2.702%, 02/01/26 Series 2016-M3, Class A2		769,753
				81,854,584

Par Value			Market Value
		Freddie Mac – 6.23%
	$   3,193,234	3.000%, 03/01/44 Series 4316, Class BZ, REMIC	$	3,145,017
	1,414,680	3.000%, 01/01/33 Gold Pool # C91594		1,472,743
	35,076	5.000%, 07/01/35 Gold Pool # G01840		38,975
	10,268	5.500%, 12/01/38 Gold Pool # G06172		11,543
	6,412,974	3.500%, 02/01/45 Gold Pool # Q31596		6,724,017
	219,650	4.000%, 10/01/41 Gold Pool # T60392		229,422
	928,563	3.500%, 10/01/42 Gold Pool # T65110		958,779
	3,855,645	3.000%, 07/01/45 Pool # G08653		3,953,810
	4,823,122	3.000%, 08/01/45 Pool # G08658		4,945,919
	464,696	5.000%, 12/01/34 Series 2909, Class Z, REMIC		515,303
	131,618	5.675%, 04/15/37 (b) (g) Series 3301, Class MS, REMIC		19,486
	59,342	5.575%, 11/15/37 (b) (g) Series 3382, Class SB, REMIC		7,501
	87,820	5.965%, 11/15/37 (b) (g) Series 3384, Class S, REMIC		11,666
	210,854	5.095%, 01/15/39 (b) (g) Series 3500, Class SA, REMIC		21,469
	233,397	5.500%, 08/01/36 Series 3626, Class AZ, REMIC		258,222
	1,500,000	4.000%, 12/01/38 Series 3738, Class BP, REMIC		1,587,027
	123,325	4.000%, 01/01/41 Series 3795, Class VZ, REMIC		135,660
	62,355	4.000%, 06/01/41 Series 3872, Class BA, REMIC		65,513
	241,774	4.000%, 07/01/41 Series 3888, Class ZG, REMIC		260,313
	433,178	4.500%, 07/01/41 Series 3894, Class ZA, REMIC		474,690
	583,454	3.500%, 11/01/41 Series 3957, Class DZ, REMIC		603,293
	536,797	4.000%, 11/01/41 Series 3957, Class HZ, REMIC		587,002
	4,100,723	2.250%, 03/01/38		4,176,547
	4,814,095	3.000%, 01/01/41		4,988,646
	6,091,897	5.067%, 07/15/42 (b)		893,475
	2,018,285	8.995%, 01/15/41 (b) Series 3792, Class SE, REMIC		2,144,561
	2,118,797	4.000%, 03/01/42 Series 4016, Class KZ		2,341,134
	3,466,788	3.000%, 06/01/40 Series 4323, Class GA, REMIC		3,571,806
				44,143,539

See accompanying Notes to Financial Statements.

39

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Ginnie Mae – 0.48%
	$        33,460	29.648%, 03/20/34 (b) Series 2004-35, Class SA	$	56,374
	425,712	7.204%, 08/20/38 (b) (g) Series 2008-69, Class SB		92,488
	498,672	4.500%, 05/01/39 Series 2009-32, Class ZE		546,381
	571,087	4.500%, 05/01/39 Series 2009-35, Class DZ		623,719
	608,354	4.500%, 09/01/39 Series 2009-75, Class GZ		656,897
	175,414	5.840%, 03/01/39 (b) (g) Series 2010-98, Class IA		18,755
	1,032,049	5.024%, 06/20/41 (b) (g) Series 2011-89, Class SA		143,966
	4,262,536	5.818%, 10/20/44 (b) (g) Series 2014-156, Class PS		708,240
	4,154,541	5.718%, 07/20/43 (b) (g) Series 2014-5, Class PS		573,916
				3,420,736
		U.S. Treasury Bonds – 4.06%
	17,160,000	2.750%, 11/15/42		17,565,868
	10,450,000	3.000%, 11/15/44		11,182,524
				28,748,392
		U.S. Treasury Notes – 20.11%
	22,760,000	0.500%, 06/30/16		22,768,967
	21,050,000	0.875%, 06/15/17		21,108,372
	2,550,000	1.000%, 05/15/18		2,560,758
	840,000	1.000%, 11/30/19		838,540
	22,630,000	2.000%, 11/30/20		23,378,736
	17,350,000	2.250%, 03/31/21		18,137,864
	1,060,000	1.875%, 11/30/21		1,086,728
	8,100,000	1.750%, 03/31/22		8,227,194
	13,750,000	2.500%, 05/15/24		14,581,985
	710,000	2.375%, 08/15/24		745,708
	14,200,000	2.250%, 11/15/24		14,766,608
	14,000,000	2.000%, 02/15/25		14,263,046
				142,464,506
		Total U.S. Government and Agency Obligations (Cost $296,852,531)		300,631,757
	OTHER MORTGAGE AND ASSET-BACKED SECURITIES – 6.46%
	250,000	Adams Mill CLO (Cayman Islands) Series 2014-1A, Class D1 4.128%, 07/15/26 (a) (b)		201,456
	250,000	Adams Mill CLO (Cayman Islands) Series 2014-1A, Class E1 5.628%, 07/15/26 (a) (b)		166,730
	500,000	ALM XI (Cayman Islands) Series 2014-11A, Class C 4.133%, 10/17/26 (b)		453,328

Par Value			Market Value
	$   1,000,000	ALM XIV (Cayman Islands) Series 2014-14A, Class C 4.071%, 07/28/26 (b)	$	956,874
	500,000	Apidos CDO V (Cayman Islands) Seires 2007-5A, Class B 1.328%, 04/15/21 (a) (b)		482,500
	500,000	Apidos CDO XXI (Cayman Islands) Series 2015-21A, Class C 4.183%, 07/18/27 (a) (b)		460,705
	500,000	Apidos CLO XVI (Cayman Islands) Series 2013-16A, Class B 3.433%, 01/19/25 (a) (b)		494,928
	250,000	Apidos CLO XVIII (Cayman Islands) Series 2014-18A, Class C 4.285%, 07/22/26 (a) (b)		230,341
	250,000	Apidos CLO XVIII (Cayman Islands) Series 2014-18A, Class D 5.835%, 07/22/26 (a) (b)		211,499
	500,000	Apidos CLO XX (Cayman Islands) Series 2015-20A, Class B 3.833%, 01/16/27 (a) (b)		495,039
	500,000	Apidos CLO XX (Cayman Islands) Series 2015-20A, Class C 4.333%, 01/16/27 (a) (b)		449,085
	500,000	ARES XXVI CLO (Cayman Islands) Series 2013-1A, Class D 4.378%, 04/15/25 (a) (b)		453,468
	500,000	Atrium V (Cayman Islands) 1.008%, 07/20/20 (a) (b)		484,994
	250,000	AVANT Loans Funding Trust Series 2016-B, Class A 4.150%, 08/15/19		250,040
	500,000	Babson CLO (Cayman Islands) Series 2012-2A, Class CR 4.218%, 05/15/23 (a) (b)		476,252
	250,000	Babson CLO (Cayman Islands) Series 2014-3A, Class E2 7.128%, 01/15/26 (a) (b)		193,154
	500,000	Babson CLO (Cayman Islands) Series 2015-2A, Class D 4.434%, 07/20/27 (a) (b)		471,803
	250,000	Babson CLO (Cayman Islands) Series 2015-IA, Class D1 4.084%, 04/20/27 (a) (b)		229,078
	555,625	Bayview Financial Acquisition Trust Series 2007-A, Class 1A5 6.101%, 05/01/37 (h)		558,985
	250,000	Birchwood Park CLO (Cayman Islands) Series 2014-1A, Class C2 3.778%, 07/15/26 (a) (b)		249,827
	250,000	Birchwood Park CLO (Cayman Islands) Series 2014-1A, Class D2 4.828%, 07/15/26 (a) (b)		227,323
	250,000	BlueMountain CLO (Cayman Islands) Series 2012-1A, Class E 6.134%, 07/20/23 (a) (b)		230,864

See accompanying Notes to Financial Statements.

40

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$      750,000	BlueMountain CLO (Cayman Islands) Series 2012-2A, Class C 3.368%, 11/20/24 (a) (b)	$	744,285
	500,000	BlueMountain CLO (Cayman Islands) Series 2015-2A, Class C 3.333%, 07/18/27 (a) (b)		483,076
	1,000,000	BlueMountain CLO (Cayman Islands) Series 2015-2A, Class D 4.183%, 07/18/27 (a) (b)		921,336
	250,000	Brookside Mill CLO (Cayman Islands) Series 2013-1A, Class D 3.683%, 04/17/25 (a) (b)		208,373
	250,000	Brookside Mill CLO (Cayman Islands) Series 2013-1A, Class E 5.033%, 04/17/25 (a) (b)		157,792
	291,042	Callidus Debt Partners CLO Fund VI (Cayman Islands) Series 6A, Class A1T 0.898%, 10/23/21 (b)		285,398
	500,000	Canyon Capital CLO (Cayman Islands) Series 2014-1A, Class B 3.287%, 04/30/25 (a) (b)		475,149
	500,000	Carlyle Global Market Strategies (Cayman Islands) Series 2014-7A, Class C 3.633%, 04/17/25 (a) (b)		495,669
	1,388,336	Carlyle High Yield Partners X (Cayman Islands) Series 2007-10A, Class A1 0.858%, 04/19/22 (a) (b)		1,348,814
	250,000	Catamaran CLO (Cayman Islands) Series 2015-1A, Class C1 3.735%, 04/22/27 (a) (b)		244,357
	2,476,965	Credit Suisse Commercial Mortgage Trust Series 2015-PR2, Class A1 4.250%, 07/26/55 (a)		2,418,560
	100,000	Credit-Based Asset Servicing and Securitization Series 2007-MX1, Class A4 6.231%, 12/01/36 (a) (h)		96,056
	1,000,000	Dryden 33 Senior Loan Fund (Cayman Islands) Series 2014-33A, Class B 2.628%, 07/15/26 (a) (b)		994,639
	750,000	Dryden XXIV Senior Loan Fund (Cayman Islands) Series 2012-24RA, Class DR 4.318%, 11/15/23 (a) (b)		705,014
	250,000	Eaton Vance CDO VIII (Cayman Islands) Series 2006-8A, Class B 1.268%, 08/15/22 (a) (b)		234,618
	250,000	Emerson Park CLO (Cayman Islands) Series 2013-1A, Class C1 3.378%, 07/15/25 (a) (b)		244,255
	250,000	Flatiron CLO (Cayman Islands) Series 2014-1A, Class C 3.933%, 07/17/26 (a) (b)		217,482

Par Value			Market Value
	$      500,000	Galaxy XVIII CLO (Cayman Islands) Series 2014-18A, Class D1 4.328%, 10/15/26 (a) (b)	$	454,446
	250,000	Goldentree Loan Opportunities VI (Cayman Islands) Series 2012-6A, Class D 4.833%, 04/17/22 (a) (b)		248,787
	500,000	Goldentree Loan Opportunities X (Cayman Islands) Series 2015-10A, Class D 3.984%, 07/20/27 (a) (b)		462,495
	757,000	GSAA Home Equity Trust Series 2006-15, Class AF3B 5.933%, 09/01/36 (b)		135,463
	250,000	Halcyon Loan Advisors Funding (Cayman Islands) Series 2013-2A, Class C 3.337%, 08/01/25 (a) (b)		234,086
	500,000	ING Investment Management CLO II (Cayman Islands) Series 2006-2X, Class D 2.237%, 08/01/20 (b)		476,235
	419,210	KKR Financial CLO (Cayman Islands) Series 2007-1A, Class A 0.968%, 05/15/21 (b)		418,602
	250,000	LCM XI (Cayman Islands) Series 11A, Class D 4.583%, 04/19/22 (a) (b)		242,847
	500,000	LCM XII (Cayman Islands) Series 12A, Class DR 4.333%, 10/19/22 (a) (b)		478,509
	250,000	LCM XIV (Cayman Islands) Series 14A, Class D 4.128%, 07/15/25 (a) (b)		232,881
	500,000	LCM XV (Cayman Islands) Series 15A, Class C 3.729%, 08/25/24 (a) (b)		496,100
	1,000,000	LCM XVIII (Cayman Islands) Series 19A, Class D 4.078%, 07/15/27 (a) (b)		929,988
	750,000	Madison Park Funding (Cayman Islands) Series 2007-6A, Class C 1.636%, 07/26/21 (a) (b)		714,026
	1,000,000	Madison Park Funding IV (Cayman Islands) Series 2007-4A, Class A1B 0.924%, 03/22/21 (a) (b)		971,250
	350,000	Madison Park Funding IV (Cayman Islands) Series 2007-4A, Class D 2.054%, 03/22/21 (a) (b)		324,354
	950,000	Madison Park Funding X Series 2012-10A, Class A1A 2.004%, 01/20/25 (b)		948,333
	500,000	Madison Park Funding XIV (Cayman Islands) Series 2014-14A, Class D 4.234%, 07/20/26 (a) (b)		465,780

See accompanying Notes to Financial Statements.

41

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
	$      500,000	Madison Park Funding XV (Cayman Islands) Series 2014-15A, Class C 4.334%, 01/27/26 (a) (b)	$	449,497
	1,500,000	Madison Park Funding XVI (Cayman Islands) Series 2015-16A, Class B 3.634%, 04/20/26 (a) (b)		1,488,511
	500,000	Magnetite IX (Cayman Islands) Series 2014-9A, Class B 3.638%, 07/25/26 (a) (b)		499,997
	500,000	Magnetite XI (Cayman Islands) Series 2014-11A, Class C 4.233%, 01/18/27 (a) (b)		452,727
	1,000,000	Nautique Funding (Cayman Islands) Series 2006-1A, Class A3 1.018%, 04/15/20 (a) (b)		970,321
	250,000	Nomad CLO (Cayman Islands) Series 2013-1A, Class B 3.578%, 01/15/25 (a) (b)		233,574
	250,000	Nomad CLO (Cayman Islands) Series 2013-1A, Class C 4.128%, 01/15/25 (a) (b)		224,503
	250,000	Octagon Investment Partners XVI (Cayman Islands) Series 2013-1A, Class D 3.983%, 07/17/25 (a) (b)		222,186
	250,000	Octagon Investment Partners XVI (Cayman Islands) Series 2013-1A, Class E 5.133%, 07/17/25 (a) (b)		192,051
	1,000,000	Octagon Investment Partners XX (Cayman Islands) Series 2014-1A, Class D 4.268%, 08/12/26 (b)		940,000
	250,000	Octagon Investment Partners XXI (Cayman Islands) Series 2014-1A, Class C 4.268%, 11/14/26 (a) (b)		226,534
	250,000	Octagon Investment Partners XXII (Cayman Islands) Series 2014-1A, Class C2 4.135%, 11/25/25 (a) (b)		250,518
	250,000	Octagon Investment Partners XXII (Cayman Islands) Series 2014-1A, Class D2 5.215%, 11/25/25 (a) (b)		233,551
	2,000,000	OneMain Financial Issuance Trust Series 2015-1A, Class A 3.190%, 03/18/26		2,007,284
	500,000	Race Point VII CLO (Cayman Islands) Series 2012-7A, Class A 2.040%, 11/08/24 (a) (b)		498,773
	18,894	Residential Asset Mortgage Products Series 2006-RS5, Class A3 0.609%, 09/25/36 (b)		18,827
	2,000,000	Springleaf Funding Trust Series 2015-AA, Class A 3.160%, 11/15/24		2,003,496

Par Value			Market Value
	$      500,000	Symphony CLO XI (Cayman Islands) Series 2013-11A, Class C 3.783%, 01/17/25 (a) (b)	$	498,976
	750,000	Symphony CLO XIV (Cayman Islands) Series 2014-14A, Class D2 4.230%, 07/14/26 (a) (b)		697,025
	4,680,079	Towd Point Mortgage Trust Series 2015-6, Class A1B 2.750%, 04/01/55 (a) (b)		4,690,228
	624,560	Venture VIII CDO (Cayman Islands) Series 2007-8A, Class A1A 0.915%, 07/22/21 (b)		610,345
	500,000	Venture XI CLO Series 2012-11A, Class AR 1.918%, 11/14/22 (b)		497,980
	750,000	Venture XV CLO (Cayman Islands) Series 2013-15A, Class C 3.728%, 07/15/25 (a) (b)		720,214
	250,000	Wind River CLO (Cayman Islands) Series 2013-1A, Class C 4.034%, 04/20/25 (a) (b)		212,847
		Total Other Mortgage and Asset-Backed Securities (Cost $46,894,912)		45,777,293
	MUNICIPAL BONDS – 0.17%
		California – 0.09%
	500,000	State of California GO 5.000%, 08/01/33		607,660
		New York – 0.08%
	500,000	New York State Dormitory Authority RB, Series A 5.000%, 03/15/33		605,005
		Total Municipal Bonds (Cost $1,141,337)		1,212,665
	FOREIGN GOVERNMENT BONDS AND NOTES – 0.51%
	2,000,000	Colombia Government International Bond Senior Unsecured Notes 4.375%, 07/12/21		2,095,000
	500,000	Mexico Government International Bond Senior Unsecured Notes 3.500%, 01/21/21		518,750
	974,000	Mexico Government International Bond Senior Unsecured Notes 4.000%, 10/02/23		1,022,700
		Total Foreign Government Bonds and Notes (Cost $3,497,117)		3,636,450

See accompanying Notes to Financial Statements.

42

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
	INVESTMENT COMPANIES – 9.42%
	58,238,602	BlackRock Liquidity Funds TempFund Portfolio (i)	$	58,238,602
	863,411	DoubleLine Floating Rate Fund (j)		8,487,325
		Total Investment Companies (Cost $66,967,682)		66,725,927
	Total Investments – 101.47% (Cost $719,048,875)*			718,885,560
	Net Other Assets and Liabilities – (1.47)%			(10,445,080	)
	Net Assets – 100.00%		$	708,440,480

* At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	12,070,827
Gross unrealized depreciation		(12,234,142	)
Net unrealized depreciation	$	(163,315	)

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are purchased in accordance with guidelines approved by the Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2016, these securities amounted to $81,455,774, or 11.50% of net assets. These securities have not been determined by the Subadviser to be illiquid securities.

(b) Variable rate bond. The interest rate shown reflects the rate in effect at April 30, 2016.

(c) Delayed delivery security. See Note B-4 in the Notes to Financial Statements.

(d) Security in default.

(e) Zero Coupon Bond.

(f) Securities with a total aggregate market value of $5,554,853, or 0.78% of net assets, were valued under securities valuation procedures established by the Funds’ Board of Trustees.

(g) Interest only security. This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(h) Step Coupon. Security becomes interest bearing at a future date.

(i) Some of this security has been pledged as collateral for delayed delivery securities.

(j) Affilited issuer. (See Note G of the Financial Statements)

CDO Collateralized Debt Obligation

CLO Collateralized Loan Obligation

EMTN Euro Medium Term Note

GMTN Global Medium Term Note

GO General Obligation

LP Limited Partnership

MTN Medium Term Note

RB Revenue Bond

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

Portfolio Composition**
U.S. Government Obligations	24%
U.S. Government Agency Obligations	18%
Cash	7%
Corporate Notes and Bonds
(S&P Ratings)
AAA	6%
AA	4%
A	10%
BBB	16%
BB	7%
B	3%
Lower than B	4%
Not Rated	1%
	100%

For financial reporting purposes, credit quality ratings shown are assigned by Standard & Poor’s. This rating agency is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Credit quality ratings are subject to change.

** Portfolio composition is based on market value of total investments.

See accompanying Notes to Financial Statements.

43

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited)

At April 30, 2016, 10.67% of the Total Net Assets of the Fund were comprised of securities of issuers located outside the United States.

Par Value			Market Value
	CORPORATE NOTES AND BONDS – 39.98%
		Consumer Discretionary – 2.80%
	$   225,000	Coach Senior Unsecured Notes 4.250%, 04/01/25	$	228,278
	500,000	Ford Motor Senior Unsecured Notes 1.567%, 11/04/19 (a)		494,253
	390,000	L Brands Senior Unsecured Notes 7.600%, 07/15/37		422,175
				1,144,706
		Consumer Staples – 1.95%
	65,000	Altria Group 10.200%, 02/06/39		119,087
	500,000	Reynolds American 8.125%, 05/01/40		678,682
				797,769
		Energy – 2.37%
	250,000	Ecopetrol SA (Colombia) Senior Unsecured Notes 7.375%, 09/18/43		232,656
	100,000	Petroleos Mexicanos (Mexico) 4.500%, 01/23/26		95,390
	250,000	Pride International 6.875%, 08/15/20		233,438
		Rowan Cos
	100,000	7.875%, 08/01/19		101,678
	180,000	4.875%, 06/01/22		146,641
	250,000	Transocean (Cayman Islands) 8.100%, 12/15/41 (b)		161,875
				971,678

Par Value			Market Value
		Financials – 10.77%
	$   450,000	American Express Credit, MTN Senior Unsecured Notes 0.906%, 06/05/17 (a)	$	448,108
	450,000	American Financial Group Senior Unsecured Notes 9.875%, 06/15/19		548,429
	580,000	Bank of America Senior Unsecured Notes 1.668%, 01/15/19 (a)		580,347
	250,000	Berkshire Hathaway Finance 0.931%, 01/12/18 (a)		249,981
	140,000	Citigroup Senior Unsecured Notes 1.598%, 07/25/16 (a)		140,223
	250,000	Discover Bank Subordinated Notes 7.000%, 04/15/20		283,584
	500,000	Ensco (United Kingdom) Senior Unsecured Notes 5.200%, 03/15/25		365,000
	375,000	Goldman Sachs Group Senior Unsecured Notes 1.658%, 10/23/19 (a)		373,358
	500,000	Goldman Sachs Group MTN Senior Unsecured Notes 1.718%, 11/15/18 (a)		500,910
	250,000	Jefferies Group Senior Unsecured Notes 6.500%, 01/20/43		233,964
	183,000	JPMorgan Chase Senior Unsecured Notes 3.150%, 07/05/16		183,776
	250,000	1.465%, 03/22/19 (a)		250,308
	250,000	Nomura Holdings (Japan) MTN Senior Unsecured Notes 2.082%, 09/13/16 (a)		250,781
				4,408,769
		Industrials – 5.43%
	650,000	ADT Senior Unsecured Notes 4.875%, 07/15/42		489,125
	250,000	FedEx Senior Notes 8.000%, 01/15/19		292,080
	500,000	Mexichem SAB de CV (Mexico) 6.750%, 09/19/42 (c)		501,875
	200,000	Nissan Motor Acceptance Senior Unsecured Notes 1.330%, 09/26/16 (a) (c)		200,366
	500,000	Southern Copper Senior Unsecured Notes 7.500%, 07/27/35		540,161
	250,000	Vale (Brazil) Senior Unsecured Notes 5.625%, 09/11/42		198,750
				2,222,357

See accompanying Notes to Financial Statements.

44

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Information Technology – 4.63%
	$   350,000	eBay Senior Unsecured Notes 4.000%, 07/15/42	$	284,295
	250,000	Electronic Arts Senior Unsecured Notes 3.700%, 03/01/21		261,639
	250,000	EMC Senior Unsecured Notes 3.375%, 06/01/23		208,538
	500,000	Hewlett Packard Enterprise Senior Unsecured Notes 4.900%, 10/15/25 (c)		518,661
	250,000	Micron Technology Senior Unsecured Notes 5.500%, 02/01/25		200,000
	250,000	QUALCOMM Senior Unsecured Notes 4.800%, 05/20/45		253,633
	250,000	Seagate HDD (Cayman Islands) 5.750%, 12/01/34		167,824
				1,894,590
		Materials – 5.90%
	400,000	ArcelorMittal (Luxembourg) Senior Unsecured Notes 8.000%, 10/15/39 (b)		374,000
	500,000	Braskem America Finance 7.125%, 07/22/41 (c)		447,350
	250,000	Dow Chemical Senior Unsecured Notes 8.550%, 05/15/19		298,725
	500,000	GTL Trade Finance (Virgin Islands) 7.250%, 04/16/44 (c)		426,250
	560,000	Teck Resources (Canada) 6.250%, 07/15/41		416,354
	500,000	Vale Overseas (Cayman Islands) 6.875%, 11/21/36		451,250
				2,413,929
		Media – 0.33%
	150,000	Viacom Senior Unsecured Notes 4.850%, 12/15/34		135,204
		Telecommunication Services – 5.37%
	500,000	CenturyLink Senior Unsecured Notes 7.600%, 09/15/39		427,500
	500,000	7.650%, 03/15/42		427,500
	350,000	Frontier Communications Senior Unsecured Notes 9.000%, 08/15/31		302,313
	300,000	Juniper Networks Senior Unsecured Notes 5.950%, 03/15/41		273,769
	250,000	Telecom Italia Capital (Luxembourg) 6.375%, 11/15/33		256,250

Par Value			Market Value
		Telecommunication Services (continued)
	$   100,000	Verizon Communications Senior Unsecured Notes 2.164%, 09/15/16 (a)	$	100,475
	500,000	Windstream 7.500%, 06/01/22		412,500
				2,200,307
		Utilities – 0.43%
	150,000	Pacific Gas & Electric Senior Unsecured Notes 8.250%, 10/15/18		174,408
		Total Corporate Notes and Bonds (Cost $16,898,209)		16,363,717
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 51.79%
		Fannie Mae – 19.14%
	57,505	6.000%, 11/01/17 Pool # 662854		58,878
	9,105	6.000%, 04/01/18 Pool # 725175		9,263
	81,121	5.500%, 11/01/18 Pool # 748886		84,667
	24,095	4.500%, 06/01/19 Pool # 747860		24,834
	151,133	6.000%, 01/01/21 Pool # 850787		160,980
	99,017	6.000%, 09/01/32 Pool # 847899		112,794
	49,908	6.000%, 02/01/34 Pool # 771952		57,329
	51,428	7.500%, 02/01/35 Pool # 787557		56,472
	17,842	7.500%, 04/01/35 Pool # 819231		18,871
	67,142	6.000%, 11/01/35 Pool # 844078		76,635
	70,388	5.000%, 05/01/36 Pool # 745581		78,162
	35,227	6.000%, 12/01/36 Pool # 888029		40,224
	48,516	5.500%, 06/01/37 Pool # 918778		54,507
	51,672	6.500%, 10/01/37 Pool # 888890		59,593
	150,640	5.500%, 03/01/38 Pool # 962344		169,012
	182,338	4.000%, 02/01/41 Pool # AE0949		195,478
	158,605	4.000%, 02/01/41 Pool # AH5695		170,016
	841,890	3.000%, 03/01/43 Pool # AB8615		865,130
	444,528	3.500%, 05/01/43 Pool # AB9512		466,723
	497,606	3.000%, 07/01/43 Pool # AU1629		511,292

See accompanying Notes to Financial Statements.

45

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Fannie Mae (continued)
	$   851,690	3.000%, 08/01/43 Pool # AS0331	$	875,071
	781,965	3.000%, 09/01/44 Pool # AX7336		802,400
	1,343,232	3.000%, 02/01/45 Pool # AS4474		1,378,298
	480,988	3.000%, 06/01/45 Pool # AY6104		493,545
	991,149	3.000%, 03/01/46 Pool # AS6815		1,017,024
				7,837,198
		Freddie Mac – 18.47%
	154,241	5.500%, 11/01/20 Gold Pool # G18083		164,956
	30,933	5.500%, 12/01/20 Gold Pool # G11820		33,102
	39,890	5.500%, 05/01/37 Gold Pool # A60048		44,376
	100,062	5.500%, 09/01/37 Gold Pool # G03202		112,164
	86,856	5.000%, 02/01/38 Gold Pool # A73409		95,484
	245,960	5.000%, 04/01/38 Gold Pool # G04334		274,047
	163,198	4.000%, 12/01/39 Gold Pool # G06935		174,834
	74,586	4.000%, 05/01/41 Gold Pool # Q00870		79,893
	487,671	4.000%, 11/01/41 Gold Pool # Q04550		522,071
	799,359	3.000%, 04/01/43 Gold Pool # V80006		822,098
	804,405	3.000%, 05/01/43 Gold Pool # G08525		825,425
	417,899	3.000%, 09/01/43 Gold Pool # G08544		428,733
	653,988	3.500%, 10/01/43 Gold Pool # G08554		685,669
	238,932	3.500%, 11/01/43 Gold Pool # G08557		250,506
	560,811	3.500%, 01/01/44 Gold Pool # G08562		587,977
	434,070	3.500%, 02/01/44 Gold Pool # G08572		455,097
	966,348	3.000%, 09/01/45 Gold Pool # G08666		990,951
	987,691	3.000%, 01/01/46 Gold Pool # G08686		1,012,838
				7,560,221
		Ginnie Mae – 1.30%
	70,473	5.000%, 05/01/37 Pool # 782156		78,313
	163,217	5.000%, 08/01/37 Pool # 4015		183,467

Par Value			Market Value
		Ginnie Mae (continued)
	$   137,169	6.000%, 07/01/38 Pool # 4195	$	155,572
	74,607	5.500%, 08/01/38 Pool # 4215		78,924
	31,260	6.000%, 01/01/39 Pool # 698036		35,250
				531,526
		U.S. Treasury Inflation Index Bonds – 3.22%
	1,131,810	1.750%, 01/15/28		1,318,257
		U.S. Treasury Notes – 9.66%
	1,000,000	2.500%, 06/30/17		1,021,328
	1,000,000	2.250%, 11/30/17		1,024,102
	350,000	2.000%, 11/30/20		361,580
	1,500,000	2.000%, 11/15/21		1,547,843
				3,954,853
		Total U.S. Government and Agency Obligations (Cost $20,363,708)		21,202,055
	COMMERCIAL MORTGAGE-BACKED SECURITY – 0.67%
	262,221	Bear Stearns Commercial Mortgage Securities Series 2007-T28, Class A4 5.742%, 09/01/42 (a)		274,458
		Total Commercial Mortgage-Backed Security (Cost $186,780)		274,458
	FOREIGN GOVERNMENT BOND – 1.14%
	500,000	Costa Rica Government International Bond Senior Unsecured Notes 7.158%, 03/12/45 (c)		468,125
		Total Foreign Government Bond (Cost $500,000)		468,125
Shares
	INVESTMENT COMPANY – 2.67%
	1,093,027	BlackRock Liquidity Funds TempFund Portfolio		1,093,027
		Total Investment Company (Cost $1,093,027)		1,093,027
	Total Investments – 96.25% (Cost $39,041,724)*			39,401,382
	Net Other Assets and Liabilities – 3.75%			1,533,524
	Net Assets – 100.00%		$	40,934,906

See accompanying Notes to Financial Statements.

46

Aston Funds

ASTON/TCH Fixed Income Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

* At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,437,498
Gross unrealized depreciation		(1,077,840	)
Net unrealized appreciation	$	359,658

(a) Variable rate bond. The interest rate shown reflects the rate in effect at April 30, 2016.

(b) Step Coupon. A bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods until maturity. The coupon rate shown will be the accrual rate until maturity.

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are purchased in accordance with guidelines approved by the Funds’ Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2016, these securities amounted to $2,562,627, or 6.26% of net assets. These securities have not been determined to be illiquid securities.

MTN Medium Term Note

Portfolio Composition **
U.S. Government and Agency Obligations	54%
Commercial Mortgage-Backed Security	1%
Foreign Government Bond	1%
Investment Company	2%
Corporate Notes and Bonds
(Moody’s Ratings)
Aa	1%
A	7%
Baa	18%
Ba	11%
B	5%
	100%

For financial reporting purposes, credit quality ratings shown are assigned by Moody’s Investors Service. If a Moody’s credit quality rating is not available, the credit quality ratings shown are assigned by Standard & Poor’s. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of Baa/ BBB or higher. Below investment grade ratings are credit ratings of Ba/BB or lower. Credit quality ratings are subject to change.

** Portfolio composition is based on market value of total investments.

See accompanying Notes to Financial Statements.

47

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 102.41%
		Consumer Discretionary – 24.64%
	45,000	Coach (a)	$	1,812,150
	420,000	Ford Motor (a)		5,695,200
	168,200	General Motors (a)		5,348,760
	45,000	Kohl’s (a)		1,993,500
	129,000	Macy’s (a)		5,107,110
	550,000	Staples (a)		5,610,000
				25,566,720
		Energy – 12.28%
	70,000	Baker Hughes (a)		3,385,200
	100,000	Halliburton (a)		4,131,000
	65,000	Schlumberger (a)		5,222,100
				12,738,300
		Financials – 11.30%
	40,000	BB&T (a)		1,415,200
	20,000	Hartford Financial Services Group		887,600
	450,000	Huntington Bancshares (a)		4,527,000
	45,000	MetLife (a)		2,029,500
	305,000	Regions Financial (a)		2,860,900
				11,720,200
		Healthcare – 2.66%
	50,000	Pfizer (a)		1,635,500
	15,000	Quest Diagnostics (a)		1,127,550
				2,763,050
		Industrials – 8.44%
	25,000	Caterpillar (a)		1,943,000
	50,000	Deere (a)		4,205,500
	5,000	Emerson Electric (a)		273,150
	50,000	Fastenal (a)		2,339,500
				8,761,150

Shares			Market Value
		Information Technology – 13.18%
	150,000	Cisco Systems (a)	$	4,123,500
	130,000	EMC (a)		3,394,300
	120,000	Intel (a)		3,633,600
	50,000	QUALCOMM (a)		2,526,000
				13,677,400
		Materials – 3.17%
	220,000	Alcoa (a)		2,457,400
	10,000	LyondellBasell Industries, Class A (a)		826,700
				3,284,100
		Telecommunication Services – 13.23%
	130,000	AT&T (a)		5,046,600
	120,000	CenturyLink (a)		3,714,000
	97,500	Verizon Communications (a)		4,966,650
				13,727,250
		Utilities – 13.51%
	130,000	Exelon (a)		4,561,700
	140,000	FirstEnergy		4,562,600
	130,000	PPL (a)		4,893,200
				14,017,500
		Total Common Stocks (Cost $104,995,160)		106,255,670
Number of Contracts
	PURCHASED PUT OPTIONS – 1.23%
		SPDR S&P 500 ETF TRUST
	3,500	Strike @ 185 Exp 06/16		266,000
	3,500	Strike @ 186 Exp 06/16		294,000
	2,500	Strike @ 187 Exp 06/16		225,000
	5,000	Strike @ 188 Exp 06/16		495,000
		Total Purchased Put Options (Cost $1,053,905)		1,280,000
Shares
	INVESTMENT COMPANY – 1.93%
	2,007,042	BlackRock Liquidity Funds TempFund Portfolio		2,007,042
		Total Investment Company (Cost $2,007,042)		2,007,042
	Total Investments – 105.57% (Cost $108,056,107)*			109,542,712
	Net Other Assets and Liabilities – (5.57)%			(5,782,079	)
	Net Assets – 100.00%		$	103,760,633

See accompanying Notes to Financial Statements.

48

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

* At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	8,349,085
Gross unrealized depreciation		(6,862,480	)
Net unrealized appreciation	$	1,486,605

(a) These securities are pledged as collateral for call options written.

ETF Exchange-Traded Fund

S&P Standard & Poor

SPDR Standard & Poor’s Depositary Receipt

Transactions in written call options for the period ended April 30, 2016 were as follows:

Contracts	Number of Contracts			Premium
Outstanding, October 31, 2015		51,353		$	4,263,438
Call Options Written		78,132			9,609,939
Call Options Closed or Expired		(94,673	)		(10,342,707	)
Outstanding, April 30, 2016		34,812		$	3,530,670

Premiums received and value of written call equity options outstanding as of April 30, 2016.

Number of Contracts		Description	Premium Received		Market Value
		Alcoa
	500	Strike @ $9 Exp 7/16	$	14,500	$	117,500
	1,700	Strike @ $9 Exp 10/16		227,030		434,350
		AT&T
	1,300	Strike @ $38 Exp 10/16		66,299		217,100
		Baker Hughes
	700	Strike @ $45 Exp 10/16		397,563		514,500
		BB&T
	350	Strike @ $36 Exp 06/16		16,300		21,350
	50	Strike @ $36 Exp 09/16		5,408		6,500
		Caterpillar
	250	Strike @ $67.50 Exp 8/16		43,239		292,500
		CentryLink
	1,200	Strike @ $32 Exp 7/16		57,585		116,400
		Cisco Systems
	1,500	Strike @ $27 Exp 10/16		102,236		271,500
		Coach
	350	Strike @ $37 Exp 8/16		27,635		161,700
	100	Strike @ $40 Exp 8/16		4,146		26,500
		Deere
	500	Strike @ $80 Exp 9/16		158,591		377,500
		EMC
	425	Strike @ $28 Exp 07/16		21,080		17,000
		Emerson Electric
	50	Strike @ $57.5 Exp 06/16		5,400		2,700
		Exelon
	500	Strike @ $35 Exp 01/17		83,978		112,500
	800	Strike @ $37 Exp 10/16		67,166		72,000

Number of Contracts		Description	Premium Received		Market Value
		Fastenal
	500	Strike @ $45 Exp 8/16	$	33,249	$	169,000
		Ford Motor
	200	Strike @ $15 Exp 08/16		4,592		3,800
	3,000	Strike @ $15 Exp 12/16		105,406		129,000
		General Motors
	482	Strike @ $35 Exp 09/16		21,690		26,028
	500	Strike @ $36 Exp 09/16		17,000		20,500
	500	Strike @ $38 Exp 09/16		8,500		8,750
		Halliburton
	1,000	Strike @ $39 Exp 01/17		555,947		580,000
		Huntington Bancshares
	4,500	Strike @ $11 Exp 10/16		160,375		141,750
		Intel
	1,200	Strike @ $32 Exp 10/16		142,748		127,200
		Kohl’s
	450	Strike @ $50 Exp 10/16		120,597		47,250
		LyondellBasell Industries
	100	Strike @ $80 Exp 09/16		54,795		69,000
		Macy’s
	1,000	Strike @ $50 Exp 11/16		153,239		50,000
		MetLife
	250	Strike @ $50 Exp 12/16		39,499		39,000
		Pfizer
	150	Strike @ $31 Exp 05/16		6,500		26,850
	50	Strike @ $32 Exp 06/16		1,750		5,600
	300	Strike @ $33 Exp 06/16		14,100		16,800
		PPL
	1,300	Strike @ $37 Exp 10/16		166,344		240,500
		QUALCOMM
	250	Strike @ $55 Exp 01/17		53,794		55,750
	250	Strike @ $57.5 Exp 10/16		47,184		20,250
		Quest Diagnostics
	150	Strike @ $70 Exp 8/16		41,767		99,750
		Regions Financial
	250	Strike @ $9 Exp 8/16		9,750		19,375
	300	Strike @ $10 Exp 8/16		5,400		7,500
	500	Strike @ $10 Exp 11/16		13,014		21,500
	1,200	Strike @ $11 Exp 5/16		36,685		3,000
	800	Strike @ $11 Exp 8/16		25,298		8,400
		Schlumberger
	650	Strike @ $80 Exp 11/16		190,485		375,375
		Staples
	1,500	Strike @ $14 Exp 6/16		39,687		18,750
	2,230	Strike @ $15 Exp 6/16		42,271		11,150
		Verizon Communications
	1	Strike @ $47 Exp 7/16		115		423
	974	Strike @ $50 Exp 10/16		120,733		236,682
		Total Written Call Options	$	3,530,670	$	5,340,533

See accompanying Notes to Financial Statements.

49

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	INVESTMENT COMPANIES – 95.41%
		Long/Short Strategies – 39.14%
	592,344	361 Global Long/Short Equity Fund-Y	$	6,355,852
	359,897	Boston Partners Long/Short Equity Fund		7,140,365
	380,478	Convergence Core Plus Fund		6,300,709
	101	Diamond Hill Long/Short Fund-I		2,435
	102,584	FPA Crescent Fund		3,239,611
	616,504	John Hancock Seaport Fund-I		6,467,127
	1,220,203	Mainstay U.S. Equity Opportunities Fund-I		10,249,708
	859,572	Otter Creek Long/Short Opportunity Fund *		10,564,142
				50,319,949
		Strategic Fixed Income – 15.25%
	775,254	Metropolitan West Unconstrained Bond Fund-I		9,132,495
	951,526	PIMCO Mortgage Opportunities Fund		10,466,784
				19,599,279
		Managed Futures – 15.23%
	296,984	361 Managed Futures Fund-I *		3,195,547
	1,093,411	Abbey Capital Futures Strategy Fund-I		13,000,661
	314,157	ASG Managed Futures Strategy Fund-Y		3,383,475
				19,579,683
		Arbitrage and Options Strategies – 13.13%
	510,272	Calamos Market Neutral Income Fund-I		6,490,664
	635,505	Kellner Merger Fund		6,482,155
	82,093	Schooner Hedged Alternative Income Fund		3,901,039
				16,873,858
		Global Macro – 11.66%
	644,116	John Hancock Funds II - Global Absolute Return Strategies Fund-I		6,479,803

Shares			Market Value
		Global Macro (continued)
	807,128	Western Asset Macro Opportunities Fund-IS	$	8,507,129
				14,986,932
		Money Market – 1.00%
	1,285,573	BlackRock Liquidity Funds Treasury Trust Fund Portfolio		1,285,573
		Total Investment Companies (Cost $125,378,986)		122,645,274
	EXCHANGE TRADED FUND – 5.19%
		Long/Short Strategies – 5.19%
	132,640	Proshares Large Cap Core Plus		6,675,599
		Total Exchange Traded Fund (Cost $6,716,595)		6,675,599
	Total Investments – 100.60% (Cost $132,095,581)**			129,320,873
	Net Other Assets and Liabilities – (0.60)%			(767,033	)
	Net Assets – 100.00%		$	128,553,840

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	913,618
Gross unrealized depreciation		(3,688,326	)
Net unrealized depreciation	$	(2,774,708	)

See accompanying Notes to Financial Statements.

50

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2016
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Industrials, Materials and Telecommunication Services are negative 1.08%, 0.65% and 1.51%, respectively, and are represented in the pie chart by reducing Cash and Net Other Assets and Liabilities to be 34%.

Shares			Market Value
	COMMON STOCKS – 96.15%
		Consumer Discretionary – 34.18%
	2,544	Biglari Holdings *	$	951,303
	27,291	Comcast, Class A (a)		1,658,201
	19,862	Liberty Broadband, Class C *		1,137,100
	59,396	Liberty Media Group, Class C (a) *		1,069,128
	40,138	Liberty Sirius Group, Class C (a) *		1,285,219
	40,080	Liberty Ventures, Class A (a) *		1,603,200
	7,714	Madison Square Garden, Class A (a) *		1,210,944
	74,979	News, Class A (a)		931,239
	48,983	Quebecor, Class B (Canada)		1,310,169
	15,078	Ralph Lauren (a)		1,405,420
	48,745	SeaWorld Entertainment (a)		971,488
	31,733	Tribune Media, Class A (a)		1,223,307
				14,756,718
		Consumer Staples – 7.27%
	41,934	Ingles Markets, Class A (a)		1,512,559
	21,783	Nestle, SP ADR (Switzerland) (a)		1,624,358
				3,136,917
		Energy – 4.63%
	13,553	Baker Hughes (a)		655,423
	41,806	PBF Energy, Class A (a)		1,345,317
				2,000,740
		Financials – 24.33%
	21,000	Allied World Assurance Co Holdings AG (Switzerland) (a)		747,180
	31,259	Associated Capital Group, Class A		952,462
	9,255	Berkshire Hathaway, Class B (a) *		1,346,417

Shares			Market Value
		Financials (continued)
	156,962	FNFV Group (a) *	$	1,690,481
	34,757	Oaktree Capital Group (a)		1,679,111
	43,728	Wells Fargo (a)		2,185,525
	30,372	Weyerhaeuser, REIT (a)		975,549
	1,118	White Mountains Insurance Group (Bermuda) (a)		927,940
				10,504,665
		Healthcare – 4.21%
	24,621	Express Scripts Holding (a) *		1,815,306
		Industrials – 7.34%
	26,395	KLX (a) *		890,039
	23,945	Spirit AeroSystems Holdings, Class A (a) *		1,129,007
	3,676	Stericycle *		351,279
	7,368	UniFirst (a)		798,544
				3,168,869
		Information Technology – 13.52%
	1,607	Alphabet, Class C (a) *		1,113,667
	6,934	Apple		649,993
	47,894	Blackhawk Network Holdings (a) *		1,538,834
	32,240	Microsoft (a)		1,607,809
	23,637	PayPal Holdings (a) *		926,098
				5,836,401
		Materials – 0.67%
	40,004	Alamos Gold (Canada), Class A (a)		288,029
		Total Common Stocks (Cost $40,104,513)		41,507,645
	INVESTMENT COMPANY – 46.42%
	20,038,461	BlackRock Liquidity Funds TempFund Portfolio		20,038,461
		Total Investment Company (Cost $20,038,461)		20,038,461
	Total Investments – 142.57% (Cost $60,142,974) **			61,546,106
	SHORT SALES (b) – (33.50)%
	Common Stocks – (33.50)%
		Consumer Discretionary – (10.13)%
	(16,651)	American Axle & Manufacturing Holdings *		(258,256	)
	(11,086)	Best Buy		(355,639	)
	(5,032)	Brunswick		(241,687	)
	(4,209)	Burlington Stores *		(239,787	)
	(463)	Chipotle Mexican Grill *		(194,909	)
	(50,532)	ClubCorp Holdings		(674,602	)
	(4,989)	Delphi Automotive PLC		(367,340	)
	(6,133)	Five Below *		(255,746	)
	(8,138)	Mattress Firm Holding *		(317,545	)

See accompanying Notes to Financial Statements.

51

Aston Funds

ASTON/River Road Long-Short Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares				Market Value
		Consumer Discretionary (continued)
	(9,887)	Tempur-Pedic International *		$	(599,844	)
	(1,039)	TESLA Motors *			(250,150	)
	(1,802)	Tractor Supply			(170,577	)
	(2,579)	Whirlpool			(449,107	)
					(4,375,189	)
		Consumer Staples – (0.98)%
	(24,434)	Dean Foods			(420,998	)
		Financials – (9.98)%
	(26,508)	Amtrust Financial Services			(658,724	)
	(16,204)	BofI Holding *			(330,075	)
	(7,767)	BOK Financial			(467,418	)
	(2,540)	Camden Property Trust REIT			(205,054	)
	(21,692)	Deutsche Bank AG (Germany) *			(411,280	)
	(1,582)	FactSet Research Systems			(238,487	)
	(18,886)	Hancock Holdings			(490,469	)
	(31,540)	Janus Capital Group			(460,484	)
	(10,944)	Mercury General			(578,938	)
	(4,466)	SVB Financial Group *			(465,714	)
					(4,306,643	)
		Healthcare – (0.63)%
	(4,355)	Mallinckrodt *			(272,275	)
		Industrials – (8.42)%
	(50,825)	ACCO Brands *			(484,871	)
	(2,084)	Allegiant Travel			(334,628	)
	(3,180)	Caterpillar			(247,150	)
	(6,004)	Deere			(504,996	)
	(7,649)	Mobile Mini			(246,680	)
	(15,339)	Pitney Bowes			(321,659	)
	(45,045)	RR Donnelley & Sons			(783,783	)
	(13,207)	Tetra Tech			(388,286	)
	(4,828)	United Rentals *			(323,138	)
					(3,635,191	)
		Information Technology – (0.53)%
	(3,721)	Electronic Arts *			(230,144	)
		Materials – (1.32)%
	(10,333)	Louisiana-Pacific *			(175,661	)
	(32,207)	Teck Resources, Class B (Canada)			(394,536	)
					(570,197	)
		Telecommunication Services – (1.51)%
	(6,193)	Cogent Communications Holdings			(239,669	)
	(73,767)	Frontier Communications	��		(410,145	)
					(649,814	)
		Total Common Stocks (Proceeds $13,536,329)			(14,460,451	)
	Total Short Sales – (33.50)% (Proceeds $13,536,329)				(14,460,451	)
	Net Other Assets and Liabilities – (9.07)%				(3,914,816	)
	Net Assets – 100.00%			$	43,170,839

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	2,077,727
Gross unrealized depreciation		(674,595	)
Net unrealized appreciation	$	1,403,132

(a) Security position is either entirely or partially held in a segregated account as collateral for securities sold short. As of April 30, 2016 $29,366,479 in securities was segregated or on deposit with prime brokers to cover short sales.

(b) The Fund is contractually responsible to the lender for any dividends payable and interest accrued on securities while those securities are in short position. These dividends and interest amounts are recorded as an expense of the Fund.

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

52

Aston Funds

ASTON/Barings International Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 97.19%
		Australia – 4.10%
	33,726	Amcor (a)	$	393,209
	5,355	CSL (a)		426,732
				819,941
		Belgium – 0.84%
	5,503	Ontex Group (a)		168,801
		China – 0.65%
	151,000	Pax Global Technology (a)		130,044
		France – 8.83%
	7,658	Accor (a)		339,123
	2,409	Air Liquide (a)		273,222
	12,214	AXA (a)		308,400
	4,552	BNP Paribas (a)		241,070
	8,152	SES (a)		222,719
	7,517	Total (a)		379,917
				1,764,451
		Germany – 11.16%
	2,743	Bayer (a)		317,002
	3,400	Daimler (a)		236,902
	4,320	Deutsche Boerse (a)		355,488
	5,114	Fresenius (a)		372,906
	4,280	SAP (a)		335,815
	20,960	TUI (a)		304,238
	7,113	Wirecard (a)		308,071
				2,230,422
		Hong Kong – 1.42%
	47,400	AIA Group (a)		283,670

Shares			Market Value
		Japan – 25.09%
	22,900	Astellas Pharma (a)	$	308,751
	9,900	Bridgestone (a)		364,394
	5,300	Daikin Industries (a)		420,709
	24,900	Hitachi Metals (a)		252,838
	3,700	Hoshizaki Electric (a)		310,516
	20,500	Isuzu Motors (a)		219,356
	8,900	Japan Tobacco (a)		363,636
	14,900	KDDI (a)		429,205
	28,000	Mitsubishi Electric (a)		297,568
	63,500	Mitsubishi UFJ Financial Group (a)		293,041
	11,000	Mitsui Fudosan (a)		268,647
	3,500	Pigeon (a)		91,930
	20,600	Rakuten (a)		223,950
	13,300	Sony (a)		322,148
	1,533	Sony, SP ADR		36,945
	5,400	Takeda Pharmaceuticals (a)		257,914
	9,600	Tokio Marine Holdings (a)		314,136
	4,700	Toyota Motor (a)		238,242
				5,013,926
		Netherlands – 9.52%
	3,914	Airbus Group (a)		244,695
	3,851	ASML Holding (a)		372,223
	18,381	Koninklijke Ahold (a)		400,232
	9,139	Koninklijke Philips (a)		251,129
	7,454	Mobileye *		284,370
	13,228	Royal Dutch Shell, Class A (a)		349,457
				1,902,106
		Spain – 1.81%
	7,918	Amadeus IT Holding, Class A (a)		361,065
		Sweden – 1.82%
	17,319	Assa Abloy, Class B (a)		363,911
		Switzerland – 6.76%
	2,825	Actelion (a)		457,876
	7,067	Julius Baer Group (a)		302,862
	3,373	Novartis (a)		256,693
	19,320	UBS Group (a)		334,921
				1,352,352
		Taiwan – 1.63%
	13,800	Taiwan Semiconductor Manufacturing, SP ADR		325,542
		United Kingdom – 23.56%
	12,914	Admiral Group (a)		350,986
	25,531	ARM Holdings (a)		350,436
	5,042	AstraZeneca (a)		289,274
	5,790	British American Tobacco (a)		353,030
	45,039	BT Group (a)		291,947
	49,659	GKN (a)		202,655
	22,257	Indivior (a)		52,413
	5,019	Johnson Matthey (a)		212,128
	30,596	Mediclinic International (a)		404,816
	19,228	Prudential (a)		379,553

See accompanying Notes to Financial Statements.

53

Aston Funds

ASTON/Barings International Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		United Kingdom (continued)
	3,567	Reckitt Benckiser Group (a)	$	347,494
	5,285	SABMiller (a)		323,686
	4,781	Shire (a)		298,345
	6,495	Unilever (a)		290,210
	55,562	Worldpay Group * (a)		216,698
	14,752	WPP (a)		344,649
				4,708,320
		Total Common Stocks (Cost $18,663,572)		19,424,551
	INVESTMENT COMPANY – 2.03%
	405,382	BlackRock Liquidity Funds TempFund Portfolio		405,382
		Total Investment Company (Cost $405,382)		405,382
	Total Investments – 99.22% (Cost $19,068,954)**			19,829,933
	Net Other Assets and Liabilities – 0.78%			155,959
	Net Assets – 100.00%		$	19,985,892

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,782,259
Gross unrealized depreciation		(1,021,280	)
Net unrealized appreciation	$	760,979

(a) Securities with a total aggregate market value of $18,777,694, or 93.95% of net assets, were valued under securities valuation procedures established by the Funds’ Board of Trustees.

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

54

Aston Funds

ASTON/Guardian Capital Global Dividend Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 99.52%
		Australia – 3.73%
	1,679	Australia & New Zealand Banking Group (a)	$	30,776
	1,100	Sonic Healthcare (a)		16,142
	8,351	Sydney Airport (a)		43,058
	10,100	Telstra (a)		41,010
	1,200	Westpac Banking (a)		28,168
				159,154
		Belgium – 2.91%
	660	Anheuser-Busch InBev, SP ADR		81,959
	1,256	Proximus (a)		42,332
				124,291
		Bermuda – 0.69%
	642	Validus Holdings		29,590
		Canada – 0.96%
	901	Enbridge Income Fund Holding		20,818
	327	Royal Bank of Canada		20,307
				41,125
		Finland – 0.94%
	1,074	Elisa (a)		40,159
		France – 5.74%
	2,600	AXA (a)		65,649
	580	Icade, REIT (a)		45,631
	1,426	Scor SE (a)		48,578
	800	Total (a)		40,433
	166	Unibail-Rodamco, REIT (a)		44,496
				244,787
		Germany – 5.07%
	742	BASF (a)		61,386
	186	Bayer (a)		21,495
	2,500	Deutsche Telekom (a)		43,884

Shares			Market Value
		Germany (continued)
	260	Muenchener Rueckversicherungs-Gesellschaft (a)	$	48,336
	809	ProSiebenSat.1 Media (a)		41,328
				216,429
		Ireland – 1.74%
	186	Accenture, Class A		21,003
	673	Medtronic		53,268
				74,271
		Israel – 2.04%
	23,348	Bezeq The Israeli Telecommunication (a)		49,205
	695	Teva Pharmaceutical, SP ADR		37,843
				87,048
		Netherlands – 1.65%
	315	LyondellBasell Industries, Class A		26,041
	1,003	Unilever		44,152
				70,193
		New Zealand – 1.11%
	18,226	Spark New Zealand (a)		47,128
		Norway – 2.20%
	5,331	Statoil ASA, SP ADR		93,772
		Singapore – 0.86%
	252	Broadcom		36,729
		Spain – 2.10%
	4,151	Ferrovial (a)		89,559
		Switzerland – 4.90%
	1,000	Nestle (a)		74,640
	178	Novartis, SP ADR		13,523
	657	Swiss Re (a)		58,393
	123	Swisscom (a)		62,506
				209,062
		United Kingdom – 13.40%
	600	AstraZeneca (a)		34,424
	5,491	BAE Systems (a)		38,309
	735	British American Tobacco, SP ADR		89,780
	5,927	BT Group (a)		38,419
	418	GlaxoSmithKline, SP ADR		17,936
	1,553	Imperial Brands (a)		84,442
	5,976	National Grid (a)		85,269
	3,570	Royal Dutch Shell, Class A (a)		93,510
	4,047	SSE (a)		89,413
				571,502
		United States – 49.48%
	742	AbbVie		45,262
	148	Air Products & Chemicals		21,592
	1,500	Altria Group		94,065
	843	Ameren		40,464
	190	Amgen		30,077

See accompanying Notes to Financial Statements.

55

Aston Funds

ASTON/Guardian Capital Global Dividend Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		United States (continued)
	989	Apple	$	92,709
	2,087	AT&T		81,017
	860	Automatic Data Processing		76,058
	2,133	Corrections Corp of America, REIT		64,886
	806	Dow Chemical		42,404
	666	Dr Pepper Snapple Group		60,546
	475	Duke Energy		37,420
	1,444	GEO Group, REIT		46,251
	934	Illinois Tool Works		97,622
	405	Ingredion		46,611
	550	Intel		16,654
	899	Johnson & Johnson		100,760
	714	JPMorgan Chase		45,125
	200	Kimberly-Clark		25,038
	185	Lockheed Martin		42,990
	420	McDonald’s		53,126
	562	Merck		30,820
	794	Microsoft		39,597
	857	Paychex		44,667
	876	Pfizer		28,654
	886	Philip Morris International		86,934
	233	Phillips 66		19,132
	370	Procter & Gamble		29,644
	328	Raytheon		41,443
	765	Republic Services		36,009
	1,797	Reynolds American		89,131
	1,611	Six Flags Entertainment		96,741
	1,434	Starbucks		80,634
	905	Texas Instruments		51,621
	298	Valero Energy		17,543
	1,355	Verizon Communications		69,024
	753	Walt Disney		77,755
	644	Waste Management		37,861
	1,458	Wells Fargo		72,871
				2,110,758
		Total Common Stocks (Cost $3,959,219)		4,245,557
	INVESTMENT COMPANY – 0.50%
	21,253	BlackRock Liquidity Funds TempFund Portfolio		21,253
		Total Investment Company (Cost $21,253)		21,253
	Total Investments – 100.02% (Cost $3,980,472)*			4,266,810
	Net Other Assets and Liabilities – (0.02)%			(1,035	)
	Net Assets – 100.00%		$	4,265,775

* At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

(a) Securities with a total aggregate market value of $1,548,078, or 36.29% of net assets, were valued under securities valuation procedures established by the Funds’ Board of Trustees.

Gross unrealized appreciation	$	491,085
Gross unrealized depreciation		(204,747	)
Net unrealized appreciation	$	286,338

REIT Real Estate Investment Trust

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

56

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2016
Schedule of Investments (unaudited)

The chart represents total investments in the Fund. Net Other Assets and Liabilities is negative 44.88% and cannot be represented in the pie chart format.

Shares			Market Value
	COMMON STOCKS – 136.20%
		Bermuda – 0.60%
	66,000	GOME Electrical Appliances Holding (a)	$	8,465
		Brazil – 12.88%
	3,700	Ambev SA		20,656
	2,000	BB Seguridade Participacoes SA		17,399
	1,000	BRF SA		14,227
	2,100	Embraer SA		12,194
	1,300	Fibria Celulose SA		11,453
	10,500	Gerdau SA, Preference		23,966
	3,180	Itau Unibanco Holding		30,420
	6,200	JBS SA		16,351
	4,200	Kroton Educacional SA		15,656
	6,400	Petroleo Brasileiro SA, Preference *		18,999
				181,321
		Cayman Islands – 4.85%
	121	Alibaba Group Holding, SP ADR *		9,310
	4,000	China Resources Land (a)		9,827
	17,000	Evergrande Real Estate, Class H (a)		12,562
	58,000	GCL Poly Energy Holdings (a)		8,643
	6,000	Shimao Property Holdings (a)		8,281
	16,000	Sino Biopharmaceutical (a)		11,338
	4,000	Zhen Ding Technology Holding (a)		8,383
				68,344
		China – 19.29%
	18,000	Air China, Class H (a)		13,627
	27,000	Bank of Communications, Class H (a)		17,017
	31,000	China CITIC Bank, Class H (a) *		19,442
	33,000	China Construction Bank, Class H (a)		20,959
	20,000	China Everbright Bank, Class H (a)		9,069
	15,000	China Minsheng Banking, Class H (a)		14,089

Shares			Market Value
		China (continued)
	27,000	Chongqing Rural Commerical Bank, Class H (a)	$	14,191
	12,000	Guangzhou Automobile Group, Class H (a)		13,945
	8,800	Guangzhou R&F Properties, Class H (a)		12,272
	41,000	Industrial and Commercial Bank of China, Class H (a)		21,951
	8,000	Jiangxi Copper, Class H (a)		9,767
	25,000	People’s Insurance, Group of China, Class H (a)		10,054
	8,000	PICC Property & Casualty, Class H (a)		14,553
	5,400	Shanghai Pharmaceuticals Holding, Class H (a)		11,446
	3,400	Tencent Holdings (a)		69,184
				271,566
		Egypt – 0.64%
	2,410	Commerical International Bank SAE, GDR (a)		9,001
		Hong Kong – 8.10%
	4,000	China Everbright (a)		7,896
	3,000	China Mobile (a)		34,442
	6,000	China Overseas Land & Investment (a)		19,046
	4,000	China Resources Power Holdings (a)		6,737
	4,200	China Taiping Insurance Holdings (a) *		8,559
	12,000	CITIC (a)		17,500
	40,000	Geely Automobile Holdings (a)		19,884
				114,064
		Hungary – 1.88%
	606	OTP Bank PLC (a)		16,057
	524	Richter Gedeon (a)		10,410
				26,467
		India – 6.00%
	210	Dr. Reddy’s Laboratories, ADR		9,576
	1,665	Infosys, SP ADR		31,302
	811	Reliance Industries, GDR (b)		24,006
	1,610	Wipro, ADR		19,561
				84,445
		Indonesia – 0.92%
	16,600	Bank Rakyat Indonesia Persero Tbk PT (a)		12,973
		Malaysia – 2.33%
	9,600	IHH Healthcare		16,096
	3,500	Public Bank (a)		16,742
				32,838
		Mexico – 7.00%
	29,110	America Movil, Series L		20,608
	2,971	Arca Continental		20,494
	711	Gruma, Class B		10,364
	1,326	Grupo Aeroportuario del Pacifico		12,520
	2,919	Grupo Financiero Banorte		16,596
	7,296	Wal-Mart de Mexico SAB, Class O		18,031
				98,613

See accompanying Notes to Financial Statements.

57

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		Poland – 3.00%
	670	KGHM Polska Miedz, SA (a)	$	13,062
	940	Polski Koncern Naftowy Orlen SA (a)		16,953
	1,350	Powszechny Zaklad Ubezpieczen SA (a)		12,219
				42,234
		Russia – 5.47%
	1,015	Gazprom, SP ADR		5,268
	5,685	Gazprom, SP ADR (a)		29,539
	326	Lukoil, SP ADR		13,855
	53	Lukoil, SP ADR (a)		2,258
	569	MMC Norilsk Nickel OJSC, ADR (a)		8,408
	563	Tatneft, SP ADR		17,647
				76,975
		South Africa – 6.98%
	568	Bidvest Group (a)		14,431
	1,223	Discovery (a)		10,946
	1,131	Foschini Group (a)		12,150
	7,651	Netcare (a)		19,509
	2,664	Sappi (a) *		11,554
	1,904	Truworths International (a)		14,218
	1,330	Vodacom Group (a)		15,464
				98,272
		South Korea – 28.14%
	52	CJ CheilJedang (a)		17,273
	209	Dongbu Insurance (a)		12,811
	85	E-Mart (a)		13,653
	473	GS Engineering & Construction (a) *		12,762
	379	Hite Jinro (a)		9,285
	185	Hyosung (a)		19,793
	1,596	Industrial Bank of Korea (a)		16,965
	339	Kangwon Land		12,689
	175	Kia Motors (a)		7,340
	388	Korea Electric Power (a)		21,076
	635	LG Display (a)		13,218
	455	LG International (a)		15,062
	1,136	LG Uplus (a)		11,144
	69	Lotte Chemical (a)		17,600
	43	Lotte Shopping (a)		10,238
	97	POSCO (a)		20,323
	78	Samsung Electronics (a)		85,007
	481	Shinhan Financial Group (a)		17,636	��
	761	SK Hynix (a)		18,666
	158	SK Innovation (a)		21,339
	1,436	Woori Bank (a)		13,194
	36	Yuhan (a)		9,195
				396,269
		Taiwan – 17.02%
	15,000	Advanced Semiconductor Engineering (a)		14,433
	7,000	Cheng Uei Precision Industry (a)		8,982
	5,000	Chunghwa Telecom (a)		16,881
	19,000	Compal Electronics (a)		11,153
	15,120	Hon Hai Precision Industry (a)		36,017
	18,000	King Yuan Electronics (a)		15,843

Shares			Market Value
		Taiwan (continued)
	4,000	Pegatron (a)	$	8,427
	9,000	Pou Chen (a)		11,314
	6,000	Powertech Technology (a)		12,109
	15,000	Taiwan Semiconductor Manufacturing (a)		68,916
	14,543	Uni-President Enterprises (a)		26,180
	16,000	Wistron (a)		9,445
				239,700
		Thailand – 1.52%
	950	Siam Cement (a)		13,307
	125,300	TMB Bank, NVDR (a)		8,156
				21,463
		Turkey – 8.68%
	1,723	Arcelik (a)		11,568
	12,522	Eregli Demir ve Celik Fabrikalari TAS (a)		20,888
	5,692	Haci Omer Sabanci Holding AS (a)		20,535
	3,079	KOC Holding AS (a)		16,088
	2,051	Koza Altin Isletmeleri AS (a) *		13,427
	5,225	Turk Hava Yollari (a) *		12,876
	7,694	Turkiye Vakiflar Bankasi Tao, Class D (a)		13,579
	5,136	Vestel Elektronik Sanayi ve Ticaret AS (a) *		13,281
				122,242
		United Kingdom – 0.90%
	955	Mediclinic International (a)		12,636
		Total Common Stocks (Cost $2,006,169)		1,917,888
	EXCHANGE TRADED FUNDS – 6.31%
		United States – 6.31%
	1,897	iShares MSCI Emerging Markets Index Fund		65,238
	874	iShares MSCI India		23,650
				88,888
		Total Exchange Traded Funds (Cost $93,526)		88,888
	INVESTMENT COMPANY – 2.37%
	33,388	BlackRock Liquidity Funds TempFund Portfolio		33,388
		Total Investment Company (Cost $33,388)		33,388
	Total Investments – 144.88% (Cost $2,133,083)**			2,040,164
	Net Other Assets and Liabilities – (44.88)%			(631,953	)
	Net Assets – 100.00%		$	1,408,211

See accompanying Notes to Financial Statements.

58

Aston Funds

ASTON/LMCG Emerging Markets Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	175,332
Gross unrealized depreciation		(268,251	)
Net unrealized depreciation	$	(92,919	)

(a) Securities with a total aggregate market value of $1,478,644, or 105.00% of net assets, were valued under securities valuation procedures established by the Funds’ Board of Trustees.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security is purchased in accordance with guidelines approved by the Fund’s Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2016, this security amounted to $24,006 or 1.70% of net assets. This security has not been determined by the Subadviser to be an illiquid security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

MSCI Morgan Stanley Capital International

NVDR Non-Voting Depositary Receipt

SP ADR Sponsored American Depositary Receipt

See accompanying Notes to Financial Statements.

59

Aston Funds

ASTON/Pictet International Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 96.28%
		Australia – 4.21%
	435,318	Ansell (a)	$	6,570,379
	2,035,331	Computershare (a)		15,580,277
	1,433,310	Estia Health (a)		6,269,517
	3,600,962	Primary Health Care (a)		9,454,512
				37,874,685
		Austria – 1.12%
	349,823	Erste Bank Group (a) *		10,070,131
		Belgium – 3.75%
	197,328	Ageas (a)		7,754,390
	138,657	Anheuser-Busch InBev (a)		17,201,027
	287,024	Ontex Group (a)		8,804,300
				33,759,717
		Bermuda – 1.13%
	183,998	Jardine Matheson Holdings (a)		10,147,886
		Cayman Islands – 4.07%
	2,003,248	Cheung Kong Property Holding (a)		13,681,164
	1,274,748	CK Hutchison Holdings (a)		15,250,604
	5,515,200	MGM China Holdings (a)		7,727,160
				36,658,928
		Denmark – 0.65%
	306,563	Matas (a)		5,848,549
		Finland – 2.28%
	3,473,314	Nokia (a)		20,504,798

Shares			Market Value
		France – 9.40%
	4,130,035	Bollore (a)	$	16,355,821
	732	Bollore - New (a) *		2,850
	464,248	Elis (a)		8,524,042
	237,053	Orpea (a)		19,556,753
	134,896	Rubis (a)		10,538,009
	262,482	Vinci (a)		19,604,435
	523,865	Vivendi (a)		10,063,662
				84,645,572
		Germany – 1.53%
	89,959	Linde AG (a)		13,763,973
		Hong Kong – 1.19%
	15,800,355	PCCW (a)		10,694,998
		Italy – 2.18%
	713,063	Cerved Information Solutions (a)		5,748,470
	1,093,105	Finmeccanica (a) *		13,857,284
				19,605,754
		Japan – 20.37%
	162,400	ABC-Mart (a)		10,538,503
	508,300	Bandai Namco Holdings		10,821,350
	165,300	CyberAgent (a)		7,749,362
	64,400	FANUC (a)		9,513,300
	560,400	Fujitec (a)		5,541,308
	1,248,900	Inpex (a)		9,928,565
	423,100	Japan Tobacco (a)		17,286,994
	428,100	LIXIL Group (a)		8,963,640
	176,700	Miraca Holdings (a)		7,509,244
	344,600	NGK Spark Plug(a)		6,872,486
	1,399,800	Rakuten(a)		15,217,737
	836,700	SKY Perfect JSAT Holdings (a)		4,454,028
	430,600	SoftBank Group (a)		23,153,578
	712,400	Sompo Japan Nipponkoa Holdings (a)		18,704,797
	675,400	Sony (a)		16,359,284
	358,200	Sumitomo Mitsui Financial Group		10,778,854
				183,393,030
		Luxembourg – 1.54%
	239,643	Millicom International Cellular, SDR (a)		13,875,210
		Netherlands – 7.26%
	221,702	ASML Holding (a)		21,428,879
	205,595	Konnikluke DSM (a)		12,618,773
	1,193,033	Royal Dutch Shell, Class B (a)		31,323,034
				65,370,686
		New Zealand – 0.65%
	1,840,972	Trade Me Group (a)		5,854,826
		Papua New Guinea – 0.64%
	1,093,849	Oil Search		5,799,309
		Philippines – 0.12%
	9,052,382	Metro Pacific Investments (a)		1,119,920

See accompanying Notes to Financial Statements.

60

Aston Funds

ASTON/Pictet International Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		South Korea – 1.92%
	12,696	NAVER (a)	$	7,524,250
	8,944	Samsung Electronics		9,747,454
				17,271,704
		Spain – 6.76%
	2,658,652	Banco Bilbao Vizcaya Argentaria (a)		18,269,830
	2,498,007	Distribuidora Internacional de Alimentacion (a)		13,899,888
	526,691	Grifols, ADR (a)		8,279,582
	852,850	Merlin Properties Socimi, REIT (a)		9,926,932
	1,481,081	Obrascon Huarte Lain (a)		10,526,002
				60,902,234
		Sweden – 2.11%
	601,900	Alfa Laval (a)		9,496,850
	1,071,977	Com Hem Holding		9,514,789
				19,011,639
		Switzerland – 6.04%
	136,803	Cie Financiere Richemont (a)		9,122,061
	131,006	Gategroup Holding (a)		7,224,795
	317,234	Nestle		23,678,247
	831,244	UBS Group (a)		14,409,997
				54,435,100
		United Kingdom – 17.36%
	176,702	AstraZeneca (a)		10,137,887
	7,961,126	BBA Aviation (a)		23,311,620
	1,691,496	Enterprise Inns (a) *		2,144,059
	1,272,837	GlaxoSmithKline		27,203,751
	1,235,215	Inmarsat (a)		16,806,461
	254,657	LivaNova (a) *		13,584,647
	795,736	Petrofac (a)		9,858,799
	893,408	Prudential (a)		17,635,521
	21,501	Royal Dutch Shell, Class A(a)		563,182
	1,708,658	Saga (a)		5,232,904
	1,495,968	Standard Chartered (a)		12,091,364
	574,337	Tate & Lyle (a)		4,944,791
	2,789,747	William Hill (a)		12,772,389
				156,287,375
		Total Common Stocks (Cost $817,725,462)		866,896,024
	INVESTMENT COMPANY – 3.22%
	28,935,213	BlackRock Liquidity Funds TempFund Portfolio		28,935,213
		Total Investment Company (Cost $28,935,213)		28,935,213
	Total Investments – 99.50% (Cost $846,660,675)**			895,831,237
	Net Other Assets and Liabilities – 0.50%			4,535,252
	Net Assets – 100.00%		$	900,366,489

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	64,472,269
Gross unrealized depreciation		(15,301,707	)
Net unrealized appreciation	$	49,170,562

(a) Securities with a total aggregate market value of $769,352,270, or 85.45% of net assets, were valued under securities valuation procedures established by the Funds’ Board of Trustees.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

SDR Sponsored Depositary Receipt

See accompanying Notes to Financial Statements.

61

Aston Funds

ASTON/Value Partners Asia Dividend Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 84.72%
		China – 30.30%
	337,000	Bank of China, Class H (a)	$	136,449
	121,000	Belle International Holdings (a)		73,793
	443,000	China Construction Bank, Class H (a)		281,361
	96,000	China Life Insurance, Class H (a)		221,141
	133,000	China Lilang (a)		85,025
	95,000	China Machinery Engineering, Class H (a)		64,543
	70,000	China Resources Power Holdings (a)		117,897
	96,000	China Zhongwang Holdings (a)		47,805
	57,863	Chongqing Changan Automobile, Class B (a)		100,056
	340,000	CIFI Holdings Group (a)		78,679
	12,800	Dalian Wanda Commercial Properties, Class H (a)		83,797
	78,000	Goldpac Group (a)		31,389
	15,000	Haitian International Holdings (a)		25,592
	118,000	Huaneng Power International, Class H (a)		84,165
	3,200	Huatai Securities, Class H * (a)		6,750
	690,000	Jiangnan Group (a)		116,236
	165,500	Longfor Properties (a)		232,183
	256,000	PetroChina, Class H (a)		187,297
	197,500	Sinopec Engineering Group, Class H (a)		183,187
	72,000	Yangtze Optical Fibre and Cable Joint Stock, Class H (a)		88,538
	60,000	Zhejiang Expressway, Class H (a)		61,224
				2,307,107
		Hong Kong – 26.14%
	40,000	BOC Hong Kong Holdings (a)		119,476
	6,500	Cheung Kong Property Holdings (a)		44,392
	146,000	China High Speed Transmission Equipment Group * (a)		113,148
	84,000	China Overseas Land & Investment (a)		266,638
	302,000	China Power International Development (a)		128,899

Shares			Market Value
		Hong Kong (continued)
	126,000	China State Construction International Holdings (a)	$	196,271
	32,000	Chow Sang Sang Holdings International (a)		51,891
	11,000	CK Hutchison Holdings (a)		131,600
	90,000	Convenience Retail Asia (a)		39,512
	1,170,000	CSI Properties (a)		35,538
	188,000	EGL Holdings (a)		53,967
	191,000	Far East Consortium International (a)		63,640
	188,000	Far East Horizon (a)		149,230
	159,000	FSE Engineering Holdings (a)		44,780
	84,000	Lee & Man Chemical		27,398
	312,000	Oi Wah Pawnshop Credit Holdings (a)		18,240
	150,000	Pico Far East Holdings		40,996
	24,447	Sino Land (a)		38,381
	112,000	SITC International Holdings (a)		60,533
	196,000	Skyworth Digital Holdings (a)		127,559
	22,500	SmarTone Telecommunications Holdings (a)		37,195
	6,000	Sun Hung Kai Properties (a)		75,619
	166,000	TK Group Holdings (a)		45,027
	40,000	Wasion Group Holdings (a)		22,184
	242,000	Wonderful Sky Financial Group Holdings (a)		58,437
				1,990,551
		Indonesia – 2.00%
	111,200	Bank Mandiri Persero (a)		80,834
	232,300	Bank Pan Indonesia * (a)		13,795
	293,000	Perusahaan Gas Negara Persero (a)		57,899
				152,528
		Japan – 0.52%
	1,100	Japan Airlines (a)		39,594
		Singapore – 9.46%
	83,600	AIMS AMP Capital Industrial, REIT		86,717
	166,500	Asian Pay Television (a)		74,165
	31,500	CapitaLand Commercial Trust, REIT (a)		33,419
	33,000	CapitaLand Retail China Trust, REIT (a)		36,161
	138,438	Croesus Retail Trust (a)		85,933
	11,600	DBS Group Holdings (a)		131,208
	83,200	Ezion Holdings (a)		33,837
	90,700	Frasers Commercial, REIT (a)		87,235
	259,300	IPS Securex Holdings (a)		37,288
	40,400	Mapletree Greater China Commercial Trust, REIT (a)		30,886
	30,200	Mapletree Logistics Trust, REIT (a)		24,211
	80,700	Yangzijiang Shipbuilding Holdings (a)		59,163
				720,223
		South Korea – 9.85%
	380	BGF Rretail (a)		61,823
	2,523	Dongbu Insurance (a)		154,649
	2,594	GS Retail (a)		121,371
	2,543	Haitai Confectionery & Foods (a)		33,701

See accompanying Notes to Financial Statements.

62

Aston Funds

ASTON/Value Partners Asia Dividend Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Shares			Market Value
		South Korea (continued)
	3,610	Korea Electric Power (a)	$	196,091
	546	Maeil Dairy Industry (a)		22,216
	392	Nong Woo Bio (a)		8,040
	4,647	SK Hynix (a)		113,981
	282	SK Innovation (a)		38,086
				749,958
		Taiwan – 2.63%
	2,000	Largan Precision (a)		139,608
	67,000	Mega Financial Holding (a)		47,482
	27,000	Mercuries Life insurance (a)		12,985
				200,075
		Thailand – 2.42%
	58,400	AP Thailand (a)		10,013
	84,300	Bangchak Petroleum (a)		74,680
	10,700	Hana Microelectronics (a)		10,166
	101,100	Jasmine Broadband Internet Infrastructure, Class F (a)		27,180
	25,000	Namyong Terminal (a)		9,801
	29,500	SPCG (a)		17,627
	59,700	Supalai (a)		34,992
				184,459
		United Kingdom – 1.40%
	16,000	HSBC Holdings (a)		106,505
		Total Common Stocks (Cost $6,501,289)		6,451,000
	PREFERRED STOCK – 4.95%
		South Korea – 4.95%
	606	AMOREPACIFIC * (a)		120,453
	217	CJ CheilJedang (a)		39,892
	1,974	LG (a)		81,241
	20	Samsung Electronics (a)		18,266
	715	Samsung Fire & Marine Insurance (a)		117,417
				377,269
		Total Preferred Stock (Cost $367,935)		377,269
	WARRANTS – 3.81%
		China – 3.71%
	21,700	Midea Group, Expiring 09/23/23 *		107,158
	61,100	Gree Electric Appliance, Expiring 12/02/16 * (a)(b)		181,100
				288,258

Shares			Market Value
		Singapore – 0.02%
	16,640	Ezion Holdings, Expiring 04/24/20 *	$	1,980
				1,980
		Total Warrants (Cost $285,280)		290,238
	Total Investments – 93.48% (Cost $7,154,504)**			7,118,507
	Net Other Assets and Liabilities – 6.52%			496,223
	Net Assets – 100.00%		$	7,614,730

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	284,909
Gross unrealized depreciation		(320,906	)
Net unrealized depreciation	$	(35,997	)

(a) Securities with a total aggregate market value of $6,961,416, or 91.42% of net assets, were valued under securities valuation procedures established by the Funds’ Board of Trustees.

(b) This security has been determined to be an illiquid security. At April 30, 2016, this security amounted to $181,100, or 2.4% of net assets.

REIT Real Estate Investment Trust

See accompanying Notes to Financial Statements.

63

Aston Funds

ASTON/Harrison Street Real Estate Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 2.79%
		Hotels – 2.79%
	2,958	Las Vegas Sands	$	133,554
	2,171	Marriott International, Class A		152,165
				285,719
		Total Common Stocks (Cost $288,348)		285,719
	REAL ESTATE INVESTMENT TRUSTS – 96.67%
		Diversified – 16.96%
	6,605	American Tower		692,733
	11,908	Duke Realty		260,428
	1,464	EQUINIX		483,633
	15,568	Spirit Realty Capital		177,942
	4,786	STORE Capital		122,857
				1,737,593
		Healthcare – 10.42%
	6,895	Healthcare Trust of America, Class A		199,197
	5,287	Omega Healthcare Investors		178,542
	1,736	National Health Investors		118,204
	6,888	Physicians Realty Trust		124,879
	6,433	Welltower		446,579
				1,067,401
		Hotels – 2.98%
	6,395	LaSalle Hotel Properties		152,841
	5,502	Pebblebrook Hotel Trust		152,075
				304,916
		Industrial – 5.15%
	1,672	EastGroup Properties		99,902
	7,763	Prologis		352,518
	3,300	Terreno Realty		75,141
				527,561

Shares			Market Value
		Office Properties – 13.51%
	1,959	Alexandria Real Estate Equities	$	182,089
	2,690	Boston Properties		346,634
	5,901	CyrusOne		260,411
	3,333	Highwoods Properties		155,751
	4,757	Hudson Pacific Properties		139,142
	2,854	SL Green Realty		299,898
				1,383,925
		Residential – 15.10%
	6,749	Apartment Investment & Management, Class A		270,365
	2,905	AvalonBay Communities		513,575
	2,425	Camden Property Trust		195,770
	1,922	Essex Property Trust		423,705
	2,506	Post Properties		143,744
				1,547,159
		Retail – 25.34%
	9,283	Acadia Realty Trust		312,837
	2,876	Agree Realty		111,531
	10,555	Cedar Realty Trust		73,041
	9,847	General Growth Properties		276,011
	3,292	Macerich		250,455
	5,326	National Retail Properties		233,066
	11,711	Retail Opportunity Investments		230,355
	4,448	Simon Property Group		894,804
	5,788	Weingarten Realty Investors		213,693
				2,595,793
		Storage – 7.21%
	4,392	Extra Space Storage		373,100
	5,252	National Storage Affiliates Trust		102,519
	2,480	Sovran Self Storage		263,426
				739,045
		Total Real Estate Investment Trusts (Cost $9,296,823)		9,903,393
	INVESTMENT COMPANY – 0.60%
	60,894	BlackRock Liquidity Funds TempFund Portfolio		60,894
		Total Investment Company (Cost $60,894)		60,894
	Total Investments – 100.06% (Cost $9,646,065)*			10,250,006
	Net Other Assets and Liabilities – (0.06)%			(5,736	)
	Net Assets – 100.00%		$	10,244,270

* At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	714,604
Gross unrealized depreciation		(110,663	)
Net unrealized appreciation	$	603,941

See accompanying Notes to Financial Statements.

64

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2016
Schedule of Investments (unaudited)

Shares			Market Value
	COMMON STOCKS – 57.47%
		Consumer Discretionary – 9.11%
	12,700	Carnival	$	622,935
	6,100	Dollar General		499,651
	9,500	Dollar Tree *		757,245
	4,000	NIKE, Class B		235,760
	376	Priceline Group *		505,216
	6,200	Starbucks		348,626
	9,650	TJX		731,663
				3,701,096
		Consumer Staples – 15.36%
	7,900	Colgate-Palmolive		560,268
	2,424	Costco Wholesale		359,067
	6,400	CVS Health		643,200
	5,150	Estee Lauder, Class A		493,731
	8,300	Kraft Heinz		647,981
	25,050	Mondelez International, Class A		1,076,148
	2,800	Monster Beverage *		403,816
	10,720	PepsiCo		1,103,731
	12,000	Walgreens Boots Alliance		951,360
				6,239,302
		Energy – 0.72%
	3,800	Occidental Petroleum		291,270
		Financials – 0.98%
	8,000	Wells Fargo		399,840
		Healthcare – 10.74%
	13,800	Abbott Laboratories		536,820
	2,669	Allergan (Ireland) *		577,999
	2,850	AmerisourceBergen		242,535
	3,352	Amgen		530,622
	5,600	Celgene *		579,096
	4,900	Gilead Sciences		432,229
	9,200	Medtronic (Ireland)		728,180
	5,100	Thermo Fisher Scientific		735,675
				4,363,156

Shares			Market Value
		Industrials – 4.68%
	7,800	Honeywell International	$	891,306
	9,600	United Parcel Service, Class B		1,008,672
				1,899,978
		Information Technology – 15.88%
	6,750	Accenture, Class A (Ireland)		762,210
	1,547	Alphabet, Class A *		1,095,090
	3,500	Apple		328,090
	9,700	Cognizant Technology Solutions, Class A *		566,189
	7,900	Facebook, Class A *		928,882
	4,100	MasterCard, Class A		397,659
	5,900	Microsoft		294,233
	13,800	PayPal Holdings *		540,684
	9,700	QUALCOMM		490,044
	13,568	Visa, Class A		1,047,992
				6,451,073
		Total Common Stocks (Cost $21,232,584)		23,345,715
Par Value
	CORPORATE NOTES AND BONDS – 24.61%
		Consumer Staples – 4.11%
	$600,000	Abbott Laboratories Senior Unsecured Notes 2.950%, 03/15/25		589,221
	500,000	PepsiCo Senior Unsecured Notes 5.000%, 06/01/18		541,188
	500,000	Wal-Mart Stores Senior Unsecured Notes 3.250%, 10/25/20		540,095
				1,670,504
		Energy – 1.49%
	600,000	Chevron Senior Unsecured Notes 1.718%, 06/24/18		606,269
		Financials – 8.03%
	375,000	Berkshire Hathaway Senior Unsecured Notes 3.125%, 03/15/26		390,778
	500,000	General Electric Capital Senior Unsecured Notes, MTN 4.375%, 09/16/20		557,033
	525,000	JPMorgan Chase Senior Unsecured Notes 4.350%, 08/15/21		575,044
	500,000	State Street Senior Unsecured Notes 2.550%, 08/18/20		515,377
	600,000	U.S. Bancorp Subordinated Notes, MTN 2.950%, 07/15/22		618,673

See accompanying Notes to Financial Statements.

65

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Par Value			Market Value
		Financials (continued)
	$ 600,000	Wells Fargo & Co Senior Unsecured Notes, MTN 2.150%, 01/30/20	$	607,141
				3,264,046
		Healthcare – 4.11%
	400,000	Johnson & Johnson Senior Unsecured Notes 5.950%, 08/15/37		557,880
	500,000	Merck & Co., Inc. Senior Unsecured Notes 2.350%, 02/10/22		510,043
	600,000	Pfizer Senior Unsecured Notes 1.100%, 05/15/17		602,888
				1,670,811
		Industrials – 1.32%
	500,000	United Parcel Service Senior Unsecured Notes 3.125%, 01/15/21		534,505
		Information Technology – 5.55%
	500,000	Alphabet Senior Unsecured Notes 3.625%, 05/19/21		550,795
	525,000	Apple Senior Unsecured Notes 1.000%, 05/03/18		525,061
	600,000	Oracle Senior Unsecured Notes 2.500%, 10/15/22		612,688
	550,000	QUALCOMM Senior Unsecured Notes 2.250%, 05/20/20		564,250
				2,252,794
		Total Corporate Notes and Bonds (Cost $9,746,095)		9,998,929
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 13.31%
		Fannie Mae – 0.06%
	8,063	7.500%, 02/01/35 Pool # 787557		8,854
	2,798	7.500%, 04/01/35 Pool # 819231		2,959
	11,945	6.000%, 11/01/35 Pool # 844078		13,634
				25,447
		Freddie Mac – 1.25%
	500,000	1.000%, 09/29/17		501,845
	5,501	5.500%, 12/01/20 Gold Pool # G11820		5,887
				507,732

Par Value			Market Value
		Ginnie Mae – 0.01%
	$     4,185	5.500%, 02/15/39 Pool # 698060	$	4,695
		U.S. Treasury Bonds – 4.30%
	475,000	5.375%, 02/15/31		675,892
	625,000	3.500%, 02/15/39		738,306
	300,000	3.125%, 11/15/41		330,990
				1,745,188
		U.S. Treasury Notes – 7.69%
	450,000	4.625%, 02/15/17		464,326
	525,000	1.000%, 12/15/17		527,338
	550,000	1.375%, 09/30/18		557,036
	550,000	1.500%, 01/31/19		559,109
	475,000	2.500%, 05/15/24		503,741
	500,000	2.125%, 05/15/25		514,102
				3,125,652
		Total U.S. Government and Agency Obligations (Cost $5,234,504)		5,408,714
	INVESTMENT COMPANY – 3.67%
	1,489,226	BlackRock Liquidity Funds TempFund Portfolio		1,489,226
		Total Investment Company (Cost $1,489,226)		1,489,226
	Total Investments – 99.06% (Cost $37,702,409)**			40,242,584
	Net Other Assets and Liabilities – 0.94%			382,678
	Net Assets – 100.00%		$	40,625,262

* Non-income producing security.

** At April 30, 2016, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	2,950,497
Gross unrealized depreciation		(410,322	)
Net unrealized appreciation	$	2,540,175

MTN Medium Term Note

See accompanying Notes to Financial Statements.

66

Aston Funds

ASTON/Montag & Caldwell Balanced Fund	April 30, 2016
Schedule of Investments (unaudited) – continued

Portfolio Composition ***
Common Stocks	58%
U.S. Government and Agency Obligations	13%
Investment Company	4%
Corporate Notes and Bonds
(Moody’s Ratings)
Aaa	1%
Aa	8%
A	16%
	100%

*** Portfolio composition is based on market value of total investments.

See accompanying Notes to Financial Statements.

67

Aston Funds

	April 30, 2016
Statements of Assets and Liabilities (unaudited)

		Cornerstone Large Cap Value Fund			Fairpointe Focused Equity Fund
ASSETS:
Investments:
Investments at cost	$	87,648,496		$	7,003,325
Net unrealized appreciation (depreciation)		(6,730,510	)		(284,568	)
Total investments at value		80,917,986			6,718,757
Cash		28,160			—
Receivables:
Dividends and interest		38,457			3,326
Dividend reclaims		6,053			341
Fund shares sold		10,649			—
Investments sold		176,219			87,786
Due from Adviser, net (Note G)		—			3,319
Deferred offering costs (Note B-14)		—			—
Other assets		—			—
Total assets		81,177,524			6,813,529
LIABILITIES:
Payables:
Dividend distribution		—			—
Investments purchased		307,362			151,603
Fund shares redeemed		198,835			—
Advisory fees, net (Note G)		35,251			—
Administration fees (Note G)		4,838			1,729
Distribution fees (Note G)		2,081			93
Audit and tax fees		11,621			9,839
Custodian fees		10,820			1,376
Transfer agent fees		33,464			10,822
Trustees fees (Note G)		1,043			48
Offering costs		—			—
Accrued expenses and other payables		14,623			6,735
Total liabilities		619,938			182,245
NET ASSETS	$	80,557,586		$	6,631,284
NET ASSETS CONSIST OF:
Paid-in capital	$	109,952,616		$	7,128,110
Accumulated undistributed (distribution in excess of) net investment income (loss)		310,850			22,272
Accumulated undistributed net realized gain (loss) on investments		(22,975,370	)		(234,530	)
Net unrealized appreciation (depreciation) on investments		(6,730,510	)		(284,568	)
TOTAL NET ASSETS	$	80,557,586		$	6,631,284
Class N:
Net Assets	$	49,908,672		$	2,242,600
Shares of beneficial interest outstanding (unlimited authorization)		3,721,257			245,026
Net asset value, offering and redemption price per share (Net Assets/Shares Outstanding)	$	13.41		$	9.15
Class I:
Net Assets	$	30,648,914		$	4,388,684
Shares of beneficial interest outstanding (unlimited authorization)		2,280,451			478,918
Net asset value, offering and redemption price per share (Net Assets/Shares Outstanding)	$	13.44		$	9.16
Class R:
Net Assets	$	—		$	—
Shares of beneficial interest outstanding (unlimited authorization)		—			—
Net asset value, offering and redemption price per share (Net Assets/Shares Outstanding)	$	—		$	—

See accompanying Notes to Financial Statements.

68

Aston Funds

River Road Focused Absolute Value Fund		Herndon Large Cap Value Fund			Montag & Caldwell Growth Fund		River Road Dividend All Cap Value Fund			River Road Dividend All Cap Value Fund II			Fairpointe Mid Cap Fund		Montag & Caldwell Mid Cap Growth Fund
$	7,602,847	$	80,477,832		$	1,443,307,802	$	573,497,038		$	105,515,779		$	3,594,849,034	$	9,302,711
	371,077		6,026,310			166,596,955		136,217,287			12,941,133			213,088,594		1,293,756
	7,973,924		86,504,142			1,609,904,757		709,714,325			118,456,912			3,807,937,628		10,596,467
	—		—			—		—			—			—		—
	49		157,715			1,220,671		1,114,569			174,392			943,967		1,956
	—		—			—		9,544			—			—		—
	1,401,270		163,864			1,225,604		1,514,714			45,131			5,258,821		1,000
	—		2,364,996			5,602,613		—			—			5,850,349		154,470
	9,097		—			—		—			—			—		35
	30,700		—			—		—			—			—		—
	—		7,035			—		—			—			—		—
	9,415,040		89,197,752			1,617,953,645		712,353,152			118,676,435			3,819,990,765		10,753,928
	—		—			—		56,662			9,021			—		—
	—		—			—		—			—			22,200,535		166,906
	—		174,947			4,940,253		1,477,597			15,225			11,736,526		—
	—		49,663			948,624		405,728			67,736			2,162,099		—
	2,388		5,510			78,319		30,171			6,377			172,588		2,181
	9		267			30,395		8,675			124			64,829		187
	9,277		10,033			16,859		12,299			12,299			16,863		9,839
	4,493		6,170			34,348		16,616			4,153			75,855		1,577
	11,484		29,167			524,235		231,385			30,547			1,002,092		11,698
	77		1,020			17,150		6,943			1,042			38,923		83
	42,999		—			—		—			—			—		—
	10,619		4,850			141,221		56,699			15,799			420,016		2,960
	81,346		281,627			6,731,404		2,302,775			162,323			37,890,326		195,431
$	9,333,694	$	88,916,125		$	1,611,222,241	$	710,050,377		$	118,514,112		$	3,782,100,439	$	10,558,497
$	8,801,530	$	86,183,833		$	1,367,451,474	$	542,188,203		$	104,922,686		$	3,394,099,778	$	9,298,953
	30,517		507,682			942,554		(323,425	)		(34,277	)		4,357,319		(69,496	)
	130,570		(3,801,700	)		76,231,258		31,968,312			684,570			170,554,748		35,284
	371,077		6,026,310			166,596,955		136,217,287			12,941,133			213,088,594		1,293,756
$	9,333,694	$	88,916,125		$	1,611,222,241	$	710,050,377		$	118,514,112		$	3,782,100,439	$	10,558,497
$	211,411	$	6,361,074		$	718,585,340	$	210,625,223		$	3,006,860		$	1,551,238,857	$	4,473,068
	20,871		510,987			36,917,948		17,454,222			224,355			43,246,049		436,324
$	10.13	$	12.45		$	19.46	$	12.07		$	13.40		$	35.87	$	10.25
$	9,122,283	$	82,555,051		$	886,880,596	$	499,425,154		$	115,507,252		$	2,230,861,582	$	6,085,429
	899,508		6,651,924			45,312,750		41,419,551			8,613,537			60,787,644		590,641
$	10.14	$	12.41		$	19.57	$	12.06		$	13.41		$	36.70	$	10.30
$	—	$	—		$	5,756,305	$	—		$	—		$	—	$	—
	—		—			301,886		—			—			—		—
$	—	$	—		$	19.07	$	—		$	—		$	—	$	—

See accompanying Notes to Financial Statements.

69

Aston Funds

	April 30, 2016
Statements of Assets and Liabilities (unaudited) – continued

	LMCG Small Cap Growth Fund			River Road Independent Value Fund
ASSETS:
Investments:
Investments at cost	$	158,163,078		$	378,485,493
Affiliated Investment at cost (Note G)		—			—
Net unrealized appreciation (depreciation)		(7,831,194	)		21,600,498
Total investments at value		150,331,884			400,085,991
Total affiliated investment at value (Note G)		—			—
Cash		—			20,093
Receivables:
Dividends and interest		11,251			67,403
Dividend reclaims		—			—
Fund shares sold		37,479			8,437,635
Investments sold		5,263,469			3,189,500
Total assets		155,644,083			411,800,622
LIABILITIES:
Payables:
Dividend distribution		—			—
Investments purchased		3,925,313			54,469
Fund shares redeemed		5,663,946			2,043,166
Advisory fees, net (Note G)		100,824			315,687
Administration fees (Note G)		8,727			16,240
Distribution fees (Note G)		3,605			11,834
Audit and tax fees		9,839			9,839
Custodian fees		8,530			8,131
Transfer agent fees		62,766			120,618
Trustees fees (Note G)		2,014			3,302
Accrued expenses and other payables		31,423			37,198
Call options written, at value (premiums received $3,530,670)		—			—
Total liabilities		9,816,987			2,620,484
NET ASSETS	$	145,827,096		$	409,180,138
NET ASSETS CONSIST OF:
Paid-in capital	$	188,568,182		$	413,656,659
Accumulated undistributed (distribution in excess of) net investment income (loss)		(1,871,818	)		(5,401,434	)
Accumulated undistributed net realized gain (loss) on investments, purchased and written options		(33,038,074	)		(20,675,585	)
Net unrealized appreciation (depreciation) on investments, purchased and written options		(7,831,194	)		21,600,498
TOTAL NET ASSETS	$	145,827,096		$	409,180,138
Class N:
Net Assets	$	85,138,809		$	299,593,523
Shares of beneficial interest outstanding (unlimited authorization)		6,971,030			27,891,490
Net asset value, offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.21		$	10.74
Class I:
Net Assets	$	60,688,287		$	109,586,615
Shares of beneficial interest outstanding (unlimited authorization)		4,907,990			10,070,269
Net asset value, offering and redemption price per share (Net Assets/Shares Outstanding)	$	12.37		$	10.88

See accompanying Notes to Financial Statements.

70

Aston Funds

River Road Select Value Fund			River Road Small Cap Value Fund		Silvercrest Small Cap Fund			Small Cap Fund			DoubleLine Core Plus Fixed Income Fund			TCH Fixed Income Fund			Anchor Capital Enhanced Equity Fund
$	44,939,120		$	224,100,394	$	172,642,549		$	98,470,893		$	710,319,795		$	39,041,724		$	108,056,107
	—			—		—			—			8,729,080			—			—
	1,234,045			32,721,632		4,460,633			11,377,574			(163,315	)		359,658			1,486,605
	46,173,165			256,822,026		177,103,182			109,848,467			710,398,235			39,401,382			109,542,712
	—			—		—			—			8,487,325			—			—
	—			—		—			—			75,170			1,262,500			—
	17,392			122,993		25,973			18,055			4,637,925			326,069			261,062
	—			—		—			1,488			—			—			—
	19,895			303,517		565,552			23,700			2,327,132			38,222			153,738
	314,796			2,697,336		592,843			—			1,543,648			—			1,735,167
	46,525,248			259,945,872		178,287,550			109,891,710			727,469,435			41,028,173			111,692,679
	—			—		—			—			108,232			3,975			—
	677,780			2,423,494		91,733			—			16,113,185			—			1,898,611
	13,333			277,960		82,834			252,368			2,305,707			20,626			509,548
	26,207			190,204		139,677			79,789			274,048			8,829			62,877
	4,369			12,074		8,575			7,640			57,866			9,393			7,806
	206			827		781			1,838			13,406			1,357			2,280
	11,621			11,621		9,839			11,815			17,804			13,565			10,973
	5,977			8,165		3,245			14,678			20,602			3,521			30,703
	41,480			101,465		18,157			102,872			80,278			22,985			45,185
	1,569			2,351		1,198			74			3,700			426			1,781
	8,772			27,230		16,108			35,119			34,127			8,590			21,749
	—			—		—			—			—			—			5,340,533
	791,314			3,055,391		372,147			506,193			19,028,955			93,267			7,932,046
$	45,733,934		$	256,890,481	$	177,915,403		$	109,385,517		$	708,440,480		$	40,934,906		$	103,760,633
$	43,010,549		$	217,995,890	$	176,147,456		$	62,145,370		$	714,340,210		$	43,938,115		$	105,929,837
	(589,968	)		29,193		75,603			(3,322,526	)		(1,131,485	)		(58,166	)		243,174
	2,079,308			6,143,766		(2,768,289	)		39,185,099			(4,604,930	)		(3,304,701	)		(2,089,120	)
	1,234,045			32,721,632		4,460,633			11,377,574			(163,315	)		359,658			(323,258	)
$	45,733,934		$	256,890,481	$	177,915,403		$	109,385,517		$	708,440,480		$	40,934,906		$	103,760,633
$	5,086,561		$	20,135,056	$	18,929,771		$	44,043,721		$	327,884,606		$	33,228,864		$	55,040,400
	756,411			1,737,055		1,310,267			7,743,871			30,771,922			3,186,838			6,100,681
$	6.72		$	11.59	$	14.45		$	5.69		$	10.66		$	10.43		$	9.02
$	40,647,373		$	236,755,425	$	158,985,632		$	65,341,796		$	380,555,874		$	7,706,042		$	48,720,233
	5,945,814			20,205,919		10,928,665			10,272,862			35,730,993			738,903			5,394,799
$	6.84		$	11.72	$	14.55		$	6.36		$	10.65		$	10.43		$	9.03

See accompanying Notes to Financial Statements.

71

Aston Funds

	April 30, 2016
Statements of Assets and Liabilities (unaudited) – continued

	Lake Partners LASSO Alternatives Fund			River Road Long-Short Fund
ASSETS:
Investments:
Investments at cost	$	132,095,581		$	60,142,974
Net unrealized appreciation (depreciation)		(2,774,708	)		1,403,132
Total investments at value		129,320,873			61,546,106
Foreign currency (Cost $115,437, $586, $6,512, $48, $6,822,878, $205,325, respectively)		—			115,758
Cash		1,096			—
Segregated Cash (Note B-6)		—			1,000,000
Receivables:
Dividends and interest		48,040			77,275
Dividend reclaims		—			88,057
Fund shares sold		177,317			156,552
Investments sold		127,827			4,700,865
Due from Adviser, net (Note G)		—			—
Due from Subadviser (Note G)		—			—
Deferred offering costs (Note B-13)		—			—
Other assets		—			—
Total assets		129,675,153			67,684,613
LIABILITIES:
Payables:
Due to broker		—			6,665,384
Interest and dividends on securities sold short		—			37,315
Investments purchased		49,017			2,347,815
Fund shares redeemed		883,382			899,130
Advisory fees, net (Note G)		97,849			33,353
Administration fees (Note G)		7,077			4,299
Distribution fees (Note G)		1,469			488
Audit and tax fees		10,973			11,651
Custodian fees		4,313			8,518
Transfer agent fees		49,587			33,786
Trustees fees (Note G)		2,082			365
Offering costs		—			—
Accrued expenses and other payables		15,564			11,219
Securities sold short, at value (proceeds $13,536,329)		—			14,460,451
Total liabilities		1,121,313			24,513,774
NET ASSETS	$	128,553,840		$	43,170,839
NET ASSETS CONSIST OF:
Paid-in capital	$	128,829,597		$	47,975,991
Accumulated undistributed (distribution in excess of) net investment income (loss)		(506,790	)		(344,875	)
Accumulated undistributed net realized gain (loss) on investments, securities sold short, foreign currency transactions and capital gain distributions received		3,005,741			(4,938,515	)
Net unrealized appreciation (depreciation) on investments, securities sold short and translation of assets and liabilities in foreign currency		(2,774,708	)		478,238
TOTAL NET ASSETS	$	128,553,840		$	43,170,839
Class N:
Net Assets	$	35,864,012		$	11,800,123
Shares of beneficial interest outstanding (unlimited authorization)		3,048,688			1,080,525
Net asset value, offering and redemption price per share (Net Assets/Shares Outstanding)	$	11.76		$	10.92
Class I:
Net Assets	$	92,689,828		$	31,370,716
Shares of beneficial interest outstanding (unlimited authorization)		7,858,896			2,848,386
Net asset value, offering and redemption price per share (Net Assets/Shares Outstanding)	$	11.79		$	11.01

See accompanying Notes to Financial Statements.

72

Aston Funds

Barings International Fund			Guardian Capital Global Dividend Fund			LMCG Emerging Markets Fund			Pictet International Fund		Value Partners Asia Dividend Fund			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund
$	19,068,954		$	3,980,472		$	2,133,083		$	846,660,675	$	7,154,504		$	9,646,065		$	37,702,409
	760,979			286,338			(92,919	)		49,170,562		(35,997	)		603,941			2,540,175
	19,829,933			4,266,810			2,040,164			895,831,237		7,118,507			10,250,006			40,242,584
	613			6,581			49			6,911,493		205,582			—			—
	—			314			—			—		536,331			—			354,594
	—			—			—			—		—			—			—
	91,231			11,004			340			3,830,331		17,650			6,958			122,899
	130,179			7,785			23			305,552		66			1,916			—
	—			610			—			1,601,180		—			26,855			23,702
	—			10,797			—			7,358,105		47,219			—			—
	—			5,349			11,977			—		11,880			154			—
	—			—			—			619,174		—			—			—
	—			—			—			—		39,156			—			—
	—			9,902			7,615			39,683		—			—			—
	20,051,956			4,319,152			2,060,168			916,496,755		7,976,391			10,285,889			40,743,779
	—			—			—			—		—			—			—
	—			—			—			—		—			—			—
	—			21,566			—			13,119,508		241,306			—			—
	—			—			591,607			1,998,844		—			3,666			47,824
	5,011			—			—			730,104		—			—			25,105
	13,727			8,072			16,677			42,583		11,780			1,782			4,711
	18			43			24			6		31			403			613
	11,621			11,621			10,307			11,621		9,595			10,517			13,565
	18,066			1,802			23,062			30,242		18,610			2,887			2,341
	14,254			10,086			10,177			179,332		9,513			14,631			17,543
	146			30			18			5,044		64			82			198
	—			—			—			—		64,933			—			—
	3,221			157			85			12,982		5,829			7,651			6,617
	—			—			—			—		—			—			—
	66,064			53,377			651,957			16,130,266		361,661			41,619			118,517
$	19,985,892		$	4,265,775		$	1,408,211		$	900,366,489	$	7,614,730		$	10,244,270		$	40,625,262
$	19,592,256		$	4,253,207		$	2,095,339		$	837,496,187	$	7,500,020		$	20,399,382		$	37,905,160
	145,387			19,970			(6,262	)		5,475,161		22,395			64,907			(339,360	)
	(504,396	)		(293,807	)		(587,952	)		8,038,289		128,431			(10,823,960	)		519,287
	752,645			286,405			(92,914	)		49,356,852		(36,116	)		603,941			2,540,175
$	19,985,892		$	4,265,775		$	1,408,211		$	900,366,489	$	7,614,730		$	10,244,270		$	40,625,262
$	442,476		$	1,035,713		$	589,592		$	141,635	$	760,845		$	9,727,943		$	37,150,974
	76,006			103,112			77,898			14,923		75,001			730,001			1,641,193
$	5.82		$	10.04		$	7.57		$	9.49	$	10.14		$	13.33		$	22.64
$	19,543,416		$	3,230,062		$	818,619		$	900,224,854	$	6,853,885		$	516,327		$	3,474,288
	3,355,383			322,129			107,848			94,611,480		675,001			38,980			154,016
$	5.82		$	10.03		$	7.59		$	9.51	$	10.15		$	13.25		$	22.56

See accompanying Notes to Financial Statements.

73

Aston Funds

For the Six Months Ended April 30, 2016

Statements of Operations (unaudited)

	Cornerstone Large Cap Value Fund			Fairpointe Focused Equity  Fund
INVESTMENT INCOME:
Dividends	$	1,239,487		$	66,563
Less: foreign taxes withheld		(21,209	)		—
Total investment income		1,218,278			66,563
EXPENSES:
Investment advisory fees (Note G)		360,920			24,834
Distribution expenses (Note G)(b)		64,971			2,711
Transfer agent fees		60,500			14,504
Administration fees (Note G)		28,965			8,365
Custodian fees		11,319			1,285
Audit and tax fees		11,109			9,327
Legal fees		2,204			112
Registration expenses		19,891			14,420
Amortization of offering costs (Note B-14)		—			6,131
Reports to shareholder expense		5,647			189
Trustees fees (Note G)		4,814			244
Other expenses		4,092			1,111
Total expenses before waivers/reimbursement		574,432			83,233
Less: Investment advisory fees waived (Note G)		(43,914	)		(24,834	)
Less: Expenses reimbursed (Note G)		—			(27,750	)
Net expenses		530,518			30,649
NET INVESTMENT INCOME (LOSS)		687,760			35,914
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(6,597,658	)		(96,901	)
Net change in unrealized appreciation (depreciation) on investments		2,512,682			35,873
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(4,084,976	)		(61,028	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(3,397,216	)	$	(25,114	)

(a) The commencement of investment operations for the River Road Focused Absolute Value Fund was November 3, 2015.

(b) Distribution expense is incurred at the Class N level for all funds except the Montag & Caldwell Growth Fund. The distribution expenses for Class N and R of the Montag & Caldwell Growth Fund are $933,527 and $14,353, respectively.

See accompanying Notes to Financial Statements.

74

Aston Funds

River Road Focused Absolute Value Fund(a)			Herndon Large Cap Value Fund			Montag & Caldwell Growth Fund			River Road Dividend All Cap Value Fund			River Road Dividend All Cap Value Fund II			Fairpointe Mid Cap Fund			Montag & Caldwell Mid Cap Growth Fund
$	49,851		$	1,239,424		$	11,924,814		$	12,078,599		$	1,871,061		$	32,794,276		$	32,465
	—			—			—			(55,895	)		(8,976	)		(86,929	)		(103	)
	49,851			1,239,424			11,924,814			12,022,704			1,862,085			32,707,347			32,362
	17,877			381,329			6,105,549			2,517,932			397,691			13,934,148			44,100
	180			8,990			947,880			249,676			3,505			2,027,148			5,628
	13,560			53,741			816,885			305,354			48,734			1,746,325			14,942
	8,577			30,457			415,279			169,429			32,837			916,301			9,694
	4,493			5,655			33,004			16,109			4,437			72,905			1,561
	9,277			9,477			16,347			11,632			11,632			16,351			9,327
	86			2,120			37,055			14,907			2,161			82,256			196
	15,329			18,398			47,739			23,372			21,383			55,694			14,919
	29,731			—			—			—			—			—			—
	97			3,868			116,180			23,467			3,785			291,146			293
	191			4,634			81,017			31,911			4,723			179,108			426
	1,071			3,965			57,852			22,351			4,006			90,920			1,264
	100,469			522,634			8,674,787			3,386,140			534,894			19,412,302			102,350
	(17,877	)		(25,721	)		—			—			—			—			(44,100	)
	(63,258	)		—			—			—			—			—			(740	)
	19,334			496,913			8,674,787			3,386,140			534,894			19,412,302			57,510
	30,517			742,511			3,250,027			8,636,564			1,327,191			13,295,045			(25,148	)
	130,570			(3,263,425	)		79,984,561			26,495,631			181,718			171,212,463			76,876
	371,077			(3,634,989	)		(117,201,590	)		(1,641,108	)		4,510,645			(190,697,929	)		(79,616	)
	501,647			(6,898,414	)		(37,217,029	)		24,854,523			4,692,363			(19,485,466	)		(2,740	)
$	532,164		$	(6,155,903	)	$	(33,967,002	)	$	33,491,087		$	6,019,554		$	(6,190,421	)	$	(27,888	)

See accompanying Notes to Financial Statements.

75

Aston Funds

For the Six Months Ended April 30, 2016

Statements of Operations (unaudited) – continued

	LMCG Small Cap Growth Fund			River Road Independent Value Fund
INVESTMENT INCOME:
Dividends	$	449,334		$	599,902
Dividends from affiliated security		—			—
Less: foreign taxes withheld		—			(17,065	)
Interest		—			—
Total investment income		449,334			582,837
EXPENSES:
Investment advisory fees (Note G)		919,567			1,741,899
Distribution expenses (Note G)(a)		148,530			310,241
Transfer agent fees		110,547			182,575
Administration fees (Note G)		49,361			84,424
Custodian fees		8,141			7,670
Audit and tax fees		9,328			9,328
Legal fees		4,125			6,484
Registration expenses		35,803			21,383
Reports to shareholder expense		16,730			30,006
Trustees fees (Note G)		9,018			14,172
Other expenses		6,551			10,505
Total expenses before waivers		1,317,701			2,418,687
Less: Investment advisory fees waived (Note G)		(157,648	)		(70,424	)
Net expenses		1,160,053			2,348,263
NET INVESTMENT INCOME (LOSS)		(710,719	)		(1,765,426	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(32,433,820	)		1,209,696
Net realized gain (loss) on purchased options		—			—
Net realized gain (loss) on written options		—			—
Net realized gain (loss) on affiliated investments		—			—
Net change in unrealized appreciation (depreciation) on investments		(1,662,031	)		30,326,683
Net change in unrealized appreciation on purchased options		—			—
Net change in unrealized appreciation on written options		—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(34,095,851	)		31,536,379
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(34,806,570	)	$	29,770,953

(a) Distribution expense is incurred at the Class N level.

(b) Includes net realized gains of $34,395,511 relating to a redemption in-kind. For tax purposes, no gain or losses will be recognized.

See accompanying Notes to Financial Statements.

76

Aston Funds

River Road Select Value Fund			River Road Small Cap Value Fund			Silvercrest Small Cap Fund			Small Cap Fund			DoubleLine Core Plus Fixed Income Fund			TCH Fixed Income Fund			Anchor Capital Enhanced Equity Fund
$	295,703		$	1,454,961		$	1,452,656		$	666,051		$	98,874		$	4,180		$	2,612,511
	—			—			—			—			146,339			—			—
	(559	)		(21,845	)		—			(3,719	)		—			—			—
	—			—			—			—			10,824,725			851,920			—
	295,144			1,433,116			1,452,656			662,332			11,069,938			856,100			2,612,511
	257,808			1,119,318			816,344			912,237			1,624,091			125,326			467,916
	5,695			25,605			23,243			100,351			315,683			41,316			88,106
	57,086			124,968			45,154			137,436			221,639			34,365			84,343
	19,742			63,413			44,043			53,834			179,769			24,524			39,097
	7,010			7,813			5,099			13,424			21,961			3,482			31,833
	11,109			11,109			9,328			11,259			17,063			13,053			10,462
	1,718			4,797			2,937			4,952			9,539			880			3,078
	16,409			20,388			18,897			19,891			46,350			16,260			19,891
	4,531			8,356			5,836			18,637			28,945			1,511			11,493
	3,757			10,485			6,414			11,170			19,520			1,924			6,730
	3,345			7,671			5,020			9,969			8,469			1,653			4,181
	388,210			1,403,923			982,315			1,293,160			2,493,029			264,294			767,130
	(60,254	)		—			(20,276	)		(7,899	)		(139,850	)		(65,749	)		—
	327,956			1,403,923			962,039			1,285,261			2,353,179			198,545			767,130
	(32,812	)		29,193			490,617			(622,929	)		8,716,759			657,555			1,845,381
															��
	2,448,852			7,682,032			(2,455,033	)		47,314,702(b	)		(369,812	)		(72,646	)		5,160,542
	—			—			—			—			—			—			(3,967,674	)
	—			—			—			—			—			—			(2,878,072	)
	—			—			—			—			(11,380	)		—			—
	(2,117,604	)		(5,352,382	)		992,769			(68,352,360	)		6,566,372			373,611			(2,077,299	)
	—			—			—			—			—			—			561,931
	—			—			—			—			—			—			709,798
	331,248			2,329,650			(1,462,264	)		(21,037,658	)		6,185,180			300,965			(2,490,774	)
$	298,436		$	2,358,843		$	(971,647	)	$	(21,660,587	)	$	14,901,939		$	958,520		$	(645,393	)

See accompanying Notes to Financial Statements.

77

Aston Funds

For the Six Months Ended April 30, 2016

Statements of Operations (unaudited) – continued

	Lake Partners LASSO Alternatives Fund			River Road Long-Short Fund
INVESTMENT INCOME:
Dividends	$	1,847,955		$	513,169
Less: foreign taxes withheld		—			(12,719	)
Interest		—			3,345
Total investment income		1,847,955			503,795
EXPENSES:
Investment advisory fees (Note G)		818,563			310,547
Distribution expenses (Note G)(b)		46,662			21,584
Transfer agent fees		85,647			49,469
Administration fees (Note G)		43,733			19,880
Custodian fees		4,050			7,579
Audit and tax fees		10,461			10,984
Legal fees		3,759			1,408
Registration expenses		34,809			18,897
Interest and dividend expense on securities sold-short		—			428,613
Amortization of offering costs (Note B-14)		—			—
Reports to shareholder expense		9,038			5,323
Trustees fees (Note G)		8,221			3,078
Other expenses		5,259			3,031
Total expenses before waivers/reimbursement/recoupment		1,070,202			880,393
Less: Investment advisory fees waived (Note G)		(82,193	)		(54,952	)
Less: Expenses reimbursed (Note G)		—			—
Plus: Net expenses recouped (Note G)		—			—
Net expenses		988,009			825,441
NET INVESTMENT INCOME (LOSS)		859,946			(321,646	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		383,411			(2,062,053	)
Net realized loss on securities sold short		—			(170,263	)
Net realized gain (loss) on foreign currency transactions		—			3,973
Capital gain distributions received		2,861,756			—
Net change in unrealized appreciation (depreciation) on investments		(7,369,341	)		307,523
Net change in unrealized appreciation on securities sold short		—			767,645
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currency		—			1,199
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(4,124,174	)		(1,151,976	)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$	(3,264,228	)	$	(1,473,622	)

(a) The commencement of investment operations for the Value Partners Asia Dividend Fund was December 16, 2015.

(b) Distribution expense is incurred at the Class N level.

See accompanying Notes to Financial Statements.

78

Aston Funds

Barings International Fund			Guardian Capital Global Dividend Fund			LMCG Emerging Markets Fund			Pictet International Fund			Value Partners Asia Dividend Fund(a)			Harrison Street Real Estate Fund			Montag & Caldwell Balanced Fund
$	280,254		$	79,599		$	17,481		$	8,795,325		$	59,612		$	134,257		$	143,006
	(20,886	)		(4,984	)		(2,399	)		(737,944	)		(5,296	)		—			—
	—			—			—			—			—			—			138,069
	259,368			74,615			15,082			8,057,381			54,316			134,257			281,075
	97,655			16,636			9,982			2,002,527			24,450			51,041			130,739
	494			1,262			700			1,078			679			12,138			15,538
	20,508			12,108			12,225			194,999			9,513			19,279			25,587
	22,318			14,516			22,323			113,542			16,310			9,213			16,754
	17,338			1,603			20,462			29,337			18,610			2,745			2,262
	11,109			11,109			12,751			11,109			9,595			9,850			13,053
	357			76			37			5,142			118			303			516
	14,919			13,923			15,416			23,130			8,500			14,420			15,415
	—			—			—			—			—			—			—
	—			—			—			—			28,276			—			—
	415			91			51			6,236			138			950			965
	781			164			80			7,316			207			419			1,127
	1,366			1,073			1,034			4,511			1,578			1,182			1,523
	187,260			72,561			95,061			2,398,927			117,974			121,540			223,479
	(74,463	)		(16,636	)		(9,982	)		—			(24,450	)		(51,041	)		(16,191	)
	—			(32,828	)		(73,161	)		—			(61,603	)		(1,193	)		—
	—			—			—			160,935			—			—			—
	112,797			23,097			11,918			2,559,862			31,921			69,306			207,288
	146,571			51,518			3,164			5,497,519			22,395			64,951			73,787
	(372,108	)		(172,922	)		(117,366	)		7,128,780			132,897			149,829			526,857
	—			—			—			—			—			—			—
	(3,773	)		(584	)		(900	)		1,141,808			(4,466	)		—			—
	—			—			—			—			—			—			—
	(594,773	)		70,850			59,361			49,026,434			(35,997	)		285,563			(382,679	)
	—			—			—			—			—			—			—
	9,716			263			73			186,898			(119	)		—			—
	(960,938	)		(102,393	)		(58,832	)		57,483,920			92,315			435,392			144,178
$	(814,367	)	$	(50,875	)	$	(55,668	)	$	62,981,439		$	114,710		$	500,343		$	217,965

See accompanying Notes to Financial Statements.

79

Aston Funds

Statements of Changes in Net Assets

	Cornerstone Large Cap Value Fund						Fairpointe Focused Equity Fund
	Six Months Ended April 30, 2016			Year Ended			Six Months Ended April 30, 2016			Period Ended
	(unaudited)			October 31, 2015			(unaudited)			October 31, 2015(a)
NET ASSETS at Beginning of Period	$	130,044,602		$	163,910,660		$	6,456,792		$	—
Increase (decrease) in net assets from operations:
Net investment income		687,760			1,557,677			35,914			42,552
Net realized gain (loss) on investments		(6,597,658	)		1,649,684			(96,901	)		(137,629	)
Net change in unrealized appreciation (depreciation) on investments		2,512,682			(18,638,883	)		35,873			(320,441	)
Net increase (decrease) in net assets from operations		(3,397,216	)		(15,431,522	)		(25,114	)		(415,518	)
Distributions to shareholders from:
Net investment income:
Class N		(601,599	)		(453,376	)		(21,065	)		—
Class I		(775,199	)		(916,253	)		(46,607	)		—
Class R		—			—			—			—
Net realized gain on investments:
Class N		—			—			—			—
Class I		—			—			—			—
Class R		—			—			—			—
Total distributions		(1,376,798	)		(1,369,629	)		(67,672	)		—
Capital share transactions:
Proceeds from sales of shares:
Class N		2,562,297			25,360,315			118,201			2,662,257(b	)
Class I		1,984,057			15,432,813			233,940			4,383,700(b	)
Class R		—			—			—			—
Proceeds from reinvestment of distributions:
Class N		599,118			443,961			21,065			—
Class I		772,089			892,106			46,607			—
Class R		—			—			—			—
Cost of shares redeemed:
Class N		(10,379,706	)		(21,728,149	)		(152,535	)		(173,637	)
Class I		(40,250,857	)		(37,465,953	)		—			(10	)
Class R		—			—			—			—
Net increase (decrease) from capital share transactions		(44,713,002	)		(17,064,907	)		267,278			6,872,310
Total increase (decrease) in net assets		(49,487,016	)		(33,866,058	)		174,492			6,456,792
NET ASSETS at End of Period	$	80,557,586		$	130,044,602		$	6,631,284		$	6,456,792
Undistributed net investment income	$	310,850		$	999,888		$	22,272		$	54,030

(a) The commencement of investment operations for the Fairpointe Focused Equity Fund was December 23, 2014.

(b) Fairpointe Focused Equity Fund had a subscription in-kind in the amount of $2,333,718 on December 24, 2014. The subscription was composed of securities, cash and dividends accrued in the amounts of $2,305,531, $26,148 and $2,039, respectively.

(c) The commencement of investment operations for the River Road Focused Absolute Value Fund was November 3, 2015.

(d) River Road Focused Absolute Value Fund had a subscription in-kind in the amount of $3,663,463 on November 3, 2015. The subscription was composed of securities, cash and dividends accrued in the amounts of $3,632,219, $26,056 and $5,188, respectively.

See accompanying Notes to Financial Statements.

80

Aston Funds

River Road Focused Absolute Value Fund			Herndon Large Cap Value Fund						Montag & Caldwell Growth Fund
Period Ended April 30, 2016(c) (unaudited)			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
$	—		$	120,540,055		$	153,445,046		$	2,185,832,613		$	4,136,667,896
	30,517			742,511			1,220,697			3,250,027			13,058,911
	130,570			(3,263,425	)		(5,778	)		79,984,561			646,002,403
	371,077			(3,634,989	)		(9,545,604	)		(117,201,590	)		(401,880,540	)
	532,164			(6,155,903	)		(8,330,685	)		(33,967,002	)		257,180,774
	—			(64,019	)		(45,033	)		(2,341,331	)		(2,061,261	)
	—			(1,134,426	)		(1,262,041	)		(5,950,061	)		(15,765,431	)
	—			—			—			(3,417	)		(2,777	)
	—			(11,330	)		(823,682	)		(195,686,596	)		(212,615,826	)
	—			(145,582	)		(7,930,253	)		(256,099,119	)		(439,875,741	)
	—			—			—			(1,528,281	)		(1,298,521	)
	—			(1,355,357	)		(10,061,009	)		(461,608,805	)		(671,619,557	)
	206,842(d	)		1,044,313			2,861,832			110,732,045			186,556,494
	8,821,137(d	)		9,683,283			20,901,274			154,668,492			241,907,926
	—			—			—			1,127,779			914,418
	—			75,280			868,259			192,258,234			209,112,111
	—			1,145,007			8,623,751			199,997,475			365,652,584
	—			—			—			1,315,758			1,092,345
	(232	)		(2,636,083	)		(7,618,749	)		(205,469,433	)		(769,717,997	)
	(226,217	)		(33,424,470	)		(40,149,664	)		(532,778,108	)		(1,768,877,865	)
	—			—			—			(886,807	)		(3,036,516	)
	8,801,530			(24,112,670	)		(14,513,297	)		(79,034,565	)		(1,536,396,500	)
	9,333,694			(31,623,930	)		(32,904,991	)		(574,610,372	)		(1,950,835,283	)
$	9,333,694		$	88,916,125		$	120,540,055		$	1,611,222,241		$	2,185,832,613
$	30,517		$	507,682		$	963,616		$	942,554		$	5,987,336

See accompanying Notes to Financial Statements.

81

Aston Funds

Statements of Changes in Net Assets – continued

	River Road Dividend All Cap Value Fund						River Road Dividend All Cap Value Fund II
	Six Months Ended April 30, 2016			Year Ended			Six Months Ended April 30, 2016			Year Ended
	(unaudited)			October 31, 2015			(unaudited)			October 31, 2015
NET ASSETS at Beginning of Period	$	849,977,579		$	1,138,258,945		$	124,343,937		$	132,696,953
Increase (decrease) in net assets from operations:
Net investment income (loss)		8,636,564			17,625,101			1,327,191			2,517,501
Net realized gain (loss) on investments		26,495,631			78,461,890			181,718			1,871,086
Net change in unrealized appreciation (depreciation) on investments		(1,641,108	)		(92,867,978	)		4,510,645			(4,861,779	)
Net increase (decrease) in net assets from operations		33,491,087			3,219,013			6,019,554			(473,192	)
Distributions to shareholders from:
Net investment income:
Class N		(1,338,061	)		(4,291,181	)		(22,329	)		(90,999	)
Class I		(3,955,001	)		(14,028,198	)		(1,010,640	)		(2,543,708	)
Net realized gain on investments:
Class N		(19,557,150	)		(24,073,946	)		(41,705	)		(214,191	)
Class I		(49,288,884	)		(65,111,598	)		(1,625,842	)		(3,926,742	)
Total distributions		(74,139,096	)		(107,504,923	)		(2,700,516	)		(6,775,640	)
Capital share transactions:
Proceeds from sales of shares:
Class N		23,557,013			41,437,554			180,615			974,246
Class I		42,308,148			90,897,533			7,344,585			26,220,994
Proceeds from reinvestment of distributions:
Class N		20,648,621			27,956,925			63,713			304,395
Class I		44,028,382			54,080,077			2,386,359			6,012,510
Cost of shares redeemed:
Class N		(37,697,348	)		(177,421,338	)		(250,380	)		(5,131,502	)
Class I		(192,124,009	)		(220,946,207	)		(18,873,755	)		(29,484,827	)
Net increase (decrease) from capital share transactions		(99,279,193	)		(183,995,456	)		(9,148,863	)		(1,104,184	)
Total increase (decrease) in net assets		(139,927,202	)		(288,281,366	)		(5,829,825	)		(8,353,016	)
NET ASSETS at End of Period	$	710,050,377		$	849,977,579		$	118,514,112		$	124,343,937
Undistributed (distributions in excess of) net investment income (loss)	$	(323,425	)	$	(3,666,927	)	$	(34,277	)	$	(328,499	)

See accompanying Notes to Financial Statements.

82

Aston Funds

Fairpointe Mid Cap Fund						Montag & Caldwell Mid Cap Growth Fund						LMCG Small Cap Growth Fund
Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
$	4,700,395,942		$	5,963,929,210		$	11,053,000		$	11,500,265		$	231,382,604		$	52,181,137
	13,295,045			23,029,830			(25,148	)		(51,489	)		(710,719	)		(1,224,794	)
	171,212,463			314,132,084			76,876			1,246,022			(32,433,820	)		605,946
	(190,697,929	)		(558,847,097	)		(79,616	)		(713,635	)		(1,662,031	)		(11,741,432	)
	(6,190,421	)		(221,685,183	)		(27,888	)		480,898			(34,806,570	)		(12,360,280	)
	(5,351,086	)		(2,292,874	)		—			—			—			—
	(15,653,440	)		(4,564,241	)		—			—			—			—
	(95,369,480	)		(388,644,763	)		(556,660	)		(403,184	)		(26,929	)		(1,601,490	)
	(139,128,107	)		(533,671,049	)		(693,830	)		(315,621	)		(13,737	)		(873,314	)
	(255,502,113	)		(929,172,927	)		(1,250,490	)		(718,805	)		(40,666	)		(2,474,804	)
	139,465,606			416,140,464			79,896			254,809			11,603,319			163,893,120
	375,903,832			915,244,322			63,857			2,248,304			28,313,768			78,735,146
	96,573,843			374,916,825			553,193			401,617			26,617			1,532,620
	133,199,882			421,110,375			693,830			315,621			10,674			772,122
	(459,164,661	)		(876,287,601	)		(457,502	)		(3,272,973	)		(57,333,976	)		(38,253,671	)
	(942,581,471	)		(1,363,799,543	)		(149,399	)		(156,736	)		(33,328,674	)		(12,642,786	)
	(656,602,969	)		(112,675,158	)		783,875			(209,358	)		(50,708,272	)		194,036,551
	(918,295,503	)		(1,263,533,268	)		(494,503	)		(447,265	)		(85,555,508	)		179,201,467
$	3,782,100,439		$	4,700,395,942		$	10,558,497		$	11,053,000		$	145,827,096		$	231,382,604
$	4,357,319		$	12,066,800		$	(69,496	)	$	(44,348	)	$	(1,871,818	)	$	(1,161,099	)

See accompanying Notes to Financial Statements.

83

Aston Funds

Statements of Changes in Net Assets – continued

	River Road Independent Value Fund						River Road Select Value Fund
	Six Months Ended April 30, 2016			Year Ended			Six Months Ended April 30, 2016			Year Ended
	(unaudited)			October 31, 2015			(unaudited)			October 31, 2015
NET ASSETS at Beginning of Period	$	355,995,582		$	667,238,002		$	97,111,333		$	184,553,976
Increase (decrease) in net assets from operations:
Net investment income (loss)		(1,765,426	)		(4,525,785	)		(32,812	)		(384,137	)
Net realized gain (loss) on investments		1,209,696			(10,441,681	)		2,448,852			9,998,759
Net change in unrealized appreciation (depreciation) on investments		30,326,683			2,361,945			(2,117,604	)		(4,782,442	)
Net increase (decrease) in net assets from operations		29,770,953			(12,605,521	)		298,436			4,832,180
Distributions to shareholders from:
Net investment income:
Class N		—			—			—			—
Class I		—			—			(153,030	)		—
Net realized gain on investments:
Class N		—			(16,133,453	)		(697,557	)		(1,302,384	)
Class I		—			(18,654,429	)		(7,272,173	)		(23,636,785	)
Total distributions		—			(34,787,882	)		(8,122,760	)		(24,939,169	)
Capital share transactions:
Proceeds from sales of shares:
Class N		69,801,684			58,337,595			646,850			563,077
Class I		28,092,585			24,984,792			2,304,464			5,734,516
Proceeds from reinvestment of distributions:
Class N		—			16,067,708			635,124			1,186,303
Class I		—			16,055,433			7,252,502			23,099,814
Cost of shares redeemed:
Class N		(31,228,210	)		(96,524,628	)		(694,015	)		(4,058,556	)
Class I		(43,252,456	)		(282,769,917	)		(53,698,000	)		(93,860,808	)
Net increase (decrease) from capital share transactions		23,413,603			(263,849,017	)		(43,553,075	)		(67,335,654	)
Total increase (decrease) in net assets		53,184,556			(311,242,420	)		(51,377,399	)		(87,442,643	)
NET ASSETS at End of Period	$	409,180,138		$	355,995,582		$	45,733,934		$	97,111,333
Undistributed (distributions in excess of) net investment income (loss)	$	(5,401,434	)	$	(3,636,008	)	$	(589,968	)	$	(404,126	)

(a) Small Cap Fund had a redemption in-kind on December 1, 2015, in the amount of $142,509,610. The redemption was comprised of securities and cash in the amount of $134,464,305 and $8,045,305, respectively.

See accompanying Notes to Financial Statements.

84

Aston Funds

River Road Small Cap Value Fund						Silvercrest Small Cap Fund						Small Cap Fund
Six Months Ended April 30, 2016			Year Ended			Six Months Ended April 30, 2016			Year Ended			Six Months Ended April 30, 2016			Year Ended
(unaudited)			October 31, 2015			(unaudited)			October 31, 2015			(unaudited)			October 31, 2015
$	270,438,198		$	299,221,337		$	164,463,697		$	68,888,134		$	548,685,895		$	835,868,756
	29,193			(643,900	)		490,617			289,585			(622,929	)		(3,068,930	)
	7,682,032			16,135,358			(2,455,033	)		5,949,673			47,314,702			146,503,032
	(5,352,382	)		(468,319	)		992,769			(3,498,719	)		(68,352,360	)		(162,319,947	)
	2,358,843			15,023,139			(971,647	)		2,740,539			(21,660,587	)		(18,885,845	)
	—			—			(50,273	)		(10,817	)		—			—
	—			—			(577,200	)		(144,060	)		—			—
	(1,286,224	)		(6,051,268	)		(734,281	)		(132,428	)		(45,712,393	)		(42,602,557	)
	(13,941,244	)		(35,176,931	)		(5,513,361	)		(1,405,279	)		(82,171,807	)		(51,414,056	)
	(15,227,468	)		(41,228,199	)		(6,875,115	)		(1,692,584	)		(127,884,200	)		(94,016,613	)
	1,829,659			4,898,671			3,014,425			14,949,946			4,693,834			19,025,334
	22,148,323			51,083,192			30,962,348			120,581,732			27,251,130			60,349,910
	1,280,134			6,025,655			784,554			143,245			44,184,394			41,973,876
	13,501,050			34,115,956			6,090,561			1,549,338			73,187,629			49,177,354
	(6,907,202	)		(30,860,654	)		(2,952,507	)		(2,969,906	)		(190,811,322	)		(133,982,290	)
	(32,531,056	)		(67,840,899	)		(16,600,913	)		(39,726,747	)		(248,261,256	)(a)		(210,824,587	)
	(679,092	)		(2,578,079	)		21,298,468			94,527,608			(289,755,591	)		(174,280,403	)
	(13,547,717	)		(28,783,139	)		13,451,706			95,575,563			(439,300,378	)		(287,182,861	)
$	256,890,481		$	270,438,198		$	177,915,403		$	164,463,697		$	109,385,517		$	548,685,895
$	29,193		$	—		$	75,603		$	212,459		$	(3,322,526	)	$	(2,699,597	)

See accompanying Notes to Financial Statements.

85

Aston Funds

Statements of Changes in Net Assets – continued

	DoubleLine Core Plus Fixed Income Fund						TCH Fixed Income Fund
	Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
NET ASSETS at Beginning of Period	$	492,337,589		$	207,345,624		$	49,831,281		$	52,148,980
Increase (decrease) in net assets from operations:
Net investment income (loss)		8,716,759			12,120,905			657,555			1,502,097
Net realized gain (loss) on investments, affiliated investments, purchased and written options, securities sold short, capital gain distributions and foreign currency transactions		(381,192	)		725,979			(72,646	)		767,386
Net change in unrealized appreciation (depreciation) on investments, purchased and written options, securities sold short and translation of assets and liabilities denominated in foreign currency		6,566,372			(9,455,664	)		373,611			(3,098,937	)
Net increase (decrease) in net assets from operations		14,901,939			3,391,220			958,520			(829,454	)
Distributions to shareholders from:
Net investment income:
Class N		(3,794,839	)		(3,720,662	)		(518,935	)		(1,136,381	)
Class I		(5,454,124	)		(9,249,014	)		(199,544	)		(538,130	)
Net realized gain on investments:
Class N		—			—			—			—
Class I		—			—			—			—
Total distributions		(9,248,963	)		(12,969,676	)		(718,479	)		(1,674,511	)
Capital share transactions:
Proceeds from sales of shares:
Class N		198,777,560			184,596,263			1,684,638			5,212,865
Class I		124,027,861			194,716,457			708,638			7,349,230
Proceeds from reinvestment of distributions:
Class N		3,746,418			3,553,381			497,673			1,082,315
Class I		4,787,066			7,995,114			197,170			528,388
Cost of shares redeemed:
Class N		(66,126,698	)		(45,659,902	)		(4,177,502	)		(6,493,178	)
Class I		(54,762,292	)		(50,630,892	)		(8,047,033	)		(7,493,354	)
Capital Contribution (Note G):
Class I		—			—			—			—
Net increase (decrease) from capital share transactions		210,449,915			294,570,421			(9,136,416	)		186,266
Total increase (decrease) in net assets		216,102,891			284,991,965			(8,896,375	)		(2,317,699	)
NET ASSETS at End of Period	$	708,440,480		$	492,337,589		$	40,934,906		$	49,831,281
Undistributed (distributions in excess of) net investment income (loss)	$	(1,131,485	)	$	(599,281	)	$	(58,166	)	$	2,758

See accompanying Notes to Financial Statements.

86

Aston Funds

Anchor Capital Enhanced Equity Fund						Lake Partners LASSO Alternatives Fund						River Road Long-Short Fund
Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
$	168,469,585		$	210,964,549		$	209,739,030		$	521,542,660		$	77,070,545		$	219,410,621
	1,845,381			3,895,072			859,946			(312,051	)		(321,646	)		(1,585,959	)
	(1,685,204	)		1,727,822			3,245,167			16,102,822			(2,228,343	)		7,121,809
	(805,570	)		(8,554,292	)		(7,369,341	)		(22,840,249	)		1,076,367			2,054,254
	(645,393	)		(2,931,398	)		(3,264,228	)		(7,049,478	)		(1,473,622	)		7,590,104
	(1,002,526	)		(1,707,469	)		—			(15,074	)		—			—
	(968,355	)		(2,146,798	)		(335,854	)		(1,016,136	)		—			—
	(318,424	)		—			(2,460,419	)		(1,747,938	)		(688,352	)		(2,666,296	)
	(272,247	)		—			(8,718,084	)		(13,332,770	)		(1,158,799	)		(2,591,487	)
	(2,561,552	)		(3,854,267	)		(11,514,357	)		(16,111,918	)		(1,847,151	)		(5,257,783	)
	4,372,077			19,879,836			3,658,663			34,958,681			724,314			24,668,308
	4,902,250			38,797,603			14,197,540			91,358,414			9,417,186			21,197,504
	1,286,566			1,660,101			2,444,199			1,751,278			683,579			2,640,850
	1,034,063			1,570,561			4,563,357			10,592,840			1,144,342			1,835,170
	(34,108,475	)		(35,314,017	)		(7,787,528	)		(36,889,708	)		(16,253,404	)		(109,558,808	)
	(38,988,488	)		(62,303,383	)		(83,482,836	)		(390,414,611	)		(26,294,950	)		(85,455,421	)
	—			—			—			872			—			—
	(61,502,007	)		(35,709,299	)		(66,406,605	)		(288,642,234	)		(30,578,933	)		(144,672,397	)
	(64,708,952	)		(42,494,964	)		(81,185,190	)		(311,803,630	)		(33,899,706	)		(142,340,076	)
$	103,760,633		$	168,469,585		$	128,553,840		$	209,739,030		$	43,170,839		$	77,070,545
$	243,174		$	368,674		$	(506,790	)	$	(1,030,882	)	$	(344,875	)	$	(23,229	)

See accompanying Notes to Financial Statements.

87

Aston Funds

Statements of Changes in Net Assets – continued

	Barings International Fund						Guardian Capital Global Dividend Fund
	Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
NET ASSETS at Beginning of Period	$	20,736,746		$	21,590,303		$	4,345,783		$	4,263,024
Increase (decrease) in net assets from operations:
Net investment income		146,571			225,383			51,518			107,411
Net realized gain (loss) on investments and foreign currency transactions		(375,881	)		337,634			(173,506	)		(82,953	)
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currency		(585,057	)		431,841			71,113			(18,854	)
Net increase (decrease) in net assets from operations		(814,367	)		994,858			(50,875	)		5,604
Distributions to shareholders from:
Net investment income:
Class N		(3,194	)		(6,430	)		(12,860	)		(22,159	)
Class I		(218,268	)		(466,160	)		(44,001	)		(80,811	)
Net realized gain on investments:
Class N		(5,858	)		(41,149	)		—			—
Class I		(298,975	)		(2,620,405	)		—			—
Total distributions		(526,295	)		(3,134,144	)		(56,861	)		(102,970	)
Capital share transactions:
Proceeds from sales of shares:
Class N		65,443			79,319			7,543			35,451
Class I		7,560			1,046,591			—			106,476
Proceeds from reinvestment of distributions:
Class N		9,052			47,579			360			339
Class I		517,243			3,086,565			31,311			57,526
Cost of shares redeemed:
Class N		(9,317	)		(22,075	)		—			(12,441	)
Class I		(173	)		(2,952,250	)		(11,486	)		(7,667	)
Capital Contribution (Note G):
Class N		—			—			—			107
Class I		—			—			—			334
Net increase (decrease) from capital share transactions		589,808			1,285,729			27,728			180,125
Total increase (decrease) in net assets		(750,854	)		(853,557	)		(80,008	)		82,759
NET ASSETS at End of Period	$	19,985,892		$	20,736,746		$	4,265,775		$	4,345,783
Undistributed (distributions in excess of) net investment income (loss)	$	145,387		$	220,278		$	19,970		$	25,313

(a) The commencement of investment operations for the Value Partners Asia Dividend Fund was December 16, 2015.

See accompanying Notes to Financial Statements.

88

Aston Funds

LMCG Emerging Markets Fund						Pictet International Fund						Value Partners Asia Dividend Fund
Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Period Ended April 30, 2016(a) (unaudited)
$	2,054,394		$	3,913,026		$	50,859,091		$	9,450,969		$	—
	3,164			40,192			5,497,519			433,841			22,395
	(118,266	)		(213,890	)		8,270,588			299,417			128,431
	59,434			(289,270	)		49,213,332			944,133			(36,116	)
	(55,668	)		(462,968	)		62,981,439			1,677,391			114,710
	(6,411	)		(3,910	)		(2,107	)		(3,516	)		—
	(19,195	)		(24,689	)		(384,730	)		(122,686	)		—
	—			—			(7,188	)		(2,589	)		—
	—			—			(581,130	)		(59,646	)		—
	(25,606	)		(28,599	)		(975,155	)		(188,437	)		—
	8,200			18,704			47,785			66,599			750,010
	—			—			831,866,374			47,089,385			6,750,010
	6,411			3,910			915			305			—
	19,195			24,689			70,238			47,892			—
	(7,108	)		(14,368	)		(945,128	)		(17,102	)		—
	(591,607	)		(1,400,000	)		(44,158,244	)		(7,291,209	)		—
	—			—			96			1,022			—
	—			—			619,078			22,276			—
	(564,909	)		(1,367,065	)		787,501,114			39,919,168			7,500,020
	(646,183	)		(1,858,632	)		849,507,398			41,408,122			7,614,730
$	1,408,211		$	2,054,394		$	900,366,489		$	50,859,091		$	7,614,730
$	(6,262	)	$	16,180		$	5,475,161		$	364,479		$	22,395

See accompanying Notes to Financial Statements.

89

Aston Funds

Statements of Changes in Net Assets – continued

	Harrison Street Real Estate Fund						Montag & Caldwell Balanced Fund
	Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015			Six Months Ended April 30, 2016 (unaudited)			Year Ended October 31, 2015
NET ASSETS at Beginning of Period	$	10,914,654		$	13,583,237		$	30,124,934		$	22,379,687
Increase in net assets from operations:
Net investment income		64,951			171,176			73,787			106,468
Net realized gain on investments		149,829			881,172			526,857			1,390,086
Net change in unrealized appreciation (depreciation) on investments		285,563			(835,550	)		(382,679	)		(109,152	)
Net increase in net assets from operations		500,343			216,798			217,965			1,387,402
Distributions to shareholders from:
Net investment income:
Class N		(115,422	)		(153,737	)		(89,384	)		(156,641	)
Class I		(6,835	)		(10,621	)		(12,899	)		(20,244	)
Net realized gain on investments:
Class N		—			—			(1,154,068	)		(1,709,309	)
Class I		—			—			(170,597	)		(163,800	)
Total distributions		(122,257	)		(164,358	)		(1,426,948	)		(2,049,994	)
Capital share transactions:
Proceeds from sales of shares:
Class N		421,708			1,977,600			17,147,413			8,907,085
Class I		29,014			125,440			790,487			2,184,522
Proceeds from reinvestment of distributions:
Class N		107,325			148,501			1,210,274			1,812,107
Class I		4,552			7,332			104,090			88,941
Cost of shares redeemed:
Class N		(1,564,728	)		(4,621,226	)		(6,793,755	)		(3,919,684	)
Class I		(46,341	)		(358,670	)		(749,198	)		(665,132	)
Net increase (decrease) from capital share transactions		(1,048,470	)		(2,721,023	)		11,709,311			8,407,839
Total increase (decrease) in net assets		(670,384	)		(2,668,583	)		10,500,328			7,745,247
NET ASSETS at End of Period	$	10,244,270		$	10,914,654		$	40,625,262		$	30,124,934
Undistributed (distributions in excess of) net investment income (loss)	$	64,907		$	122,213		$	(339,360	)	$	(310,864	)

See accompanying Notes to Financial Statements.

90

Aston Funds

ASTON/Cornerstone Large Cap Value Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	13.69		$	15.35		$	13.74		$	11.04		$	10.04		$	9.20
Income from Investment Operations:
Net investment income		0.08	(a)		0.13	(a)		0.11	(a)		0.09	(a)		0.10	(a)		0.12	(a)
Net realized and unrealized gain (loss) on investments		(0.21	)		(1.67	)		1.56			2.72			0.94			0.83
Total from investment operations		(0.13	)		(1.54	)		1.67			2.81			1.04			0.95
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.12	)		(0.06	)		(0.11	)		(0.04	)		(0.11	)
Total distributions		(0.15	)		(0.12	)		(0.06	)		(0.11	)		(0.04	)		(0.11	)
Net increase (decrease) in net asset value .		(0.28	)		(1.66	)		1.61			2.70			1.00			0.84
Net Asset Value, End of Period	$	13.41		$	13.69		$	15.35		$	13.74		$	11.04		$	10.04
Total Return (b)		(0.96	)%(c)		(10.17	)%		12.17	%		25.72	%		10.43	%		10.44	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	49,909		$	58,598		$	60,683		$	23,913		$	21,105		$	24,631
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.30	%(d)		1.28	%		1.30	%		1.48	%		1.58	%		1.61	%
After expense reimbursement and/or fee waiver by Adviser		1.20	%(d)(e)		1.28	%		1.30	%		1.30	%		1.26	%(e)		1.14	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.21	%(d)		0.89	%		0.73	%		0.53	%		0.60	%		0.80	%
After expense reimbursement and/or fee waiver by Adviser		1.30	%(d)		0.89	%		0.73	%		0.71	%		0.92	%		1.27	%
Portfolio Turnover		12.29	%(c)		57.64	%		30.03	%		58.24	%		58.21	%		59.07	%(g)

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Effective January 1, 2016, the Adviser changed the contractual expense limitation from 1.30% to 1.14%.

(f) Effective March 22, 2011, the Adviser changed the voluntary expense limitation from 1.07% to 1.19%. Subsequently, on February 29, 2012, the Adviser removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.30%.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

91

Aston Funds

ASTON/Cornerstone Large Cap Value Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	13.74		$	15.38		$	13.78		$	11.07		$	10.05		$	9.19
Income from Investment Operations:
Net investment income		0.10	(a)		0.17	(a)		0.15	(a)		0.12	(a)		0.11	(a)		0.16	(a)
Net realized and unrealized gain (loss) on investments		(0.22	)		(1.67	)		1.54			2.73			0.96			0.84
Total from investment operations		(0.12	)		(1.50	)		1.69			2.85			1.07			1.00
Less Distributions:
Distributions from and in excess of net investment income		(0.18	)		(0.14	)		(0.09	)		(0.14	)		(0.05	)		(0.14	)
Total distributions		(0.18	)		(0.14	)		(0.09	)		(0.14	)		(0.05	)		(0.14	)
Net increase (decrease) in net asset value .		(0.30	)		(1.64	)		1.60			2.71			1.02			0.86
Net Asset Value, End of Period	$	13.44		$	13.74		$	15.38		$	13.78		$	11.07		$	10.05
Total Return (b)		(0.85	)%(c)		(9.88	)%		12.33	%		26.08	%		10.66	%		10.95	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	30,649		$	71,446		$	103,228		$	38,735		$	5,397		$	126
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.05	%(d)		1.03	%		1.05	%		1.23	%		1.33	%		1.36	%
After expense reimbursement and/or fee waiver by Adviser		0.97	%(d)(e)		1.03	%		1.05	%		1.05	%		1.01	%(e)		0.89	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.46	%(d)		1.14	%		0.98	%		0.78	%		0.85	%		1.05	%
After expense reimbursement and/or fee waiver by Adviser		1.54	%(d)		1.14	%		0.98	%		0.96	%		1.17	%		1.52	%
Portfolio Turnover		12.29	%(c)		57.64	%		30.03	%		58.24	%		58.21	%		59.07	%(g)

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Effective January 1, 2016, the Adviser changed the contractual expense limitation from 1.05% to 0.89%.

(f) Effective March 22, 2011, the Adviser changed the voluntary expense limitation from 0.82% to 0.94%. Subsequently, on February 29, 2012, the Adviser removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.05%.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

92

Aston Funds

ASTON/Fairpointe Focused Equity Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Period Ended 10/31/15(a)
Net Asset Value, Beginning of Period	$	9.33		$	10.00
Income from Investment Operations:
Net investment income		0.04	(b)		0.06	(b)
Net realized and unrealized loss on investments		(0.13	)		(0.73	)
Total from investment operations		(0.09	)		(0.67	)
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		—
Total distributions		(0.09	)		—
Net decrease in net asset value		(0.18	)		(0.67	)
Net Asset Value, End of Period	$	9.15		$	9.33
Total Return (c)		(0.98	)%(d)		(6.70	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,243		$	2,295
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.84	%(e)		3.78	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.70	)%(e)		(1.93	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.99	%(e)		0.70	%(e)
Portfolio Turnover		16.38	%(d)		0.91	%(d)(f)

(a) The commencement of investment operations for Fairpointe Focused Equity Fund Class N shares was December 23, 2014.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

93

Aston Funds

ASTON/Fairpointe Focused Equity Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Period Ended 10/31/15(a)
Net Asset Value, Beginning of Period	$	9.35		$	10.00
Income from Investment Operations:
Net investment income		0.05	(b)		0.08	(b)
Net realized and unrealized loss on investments		(0.14	)		(0.73	)
Total from investment operations		(0.09	)		(0.65	)
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		—
Total distributions		(0.10	)		—
Net decrease in net asset value		(0.19	)		(0.65	)
Net Asset Value, End of Period	$	9.16		$	9.35
Total Return (c)		(0.87	)%(d)		(6.50	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,389		$	4,162
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.59	%(e)		3.53	%(e)
After expense reimbursement and/or fee waiver by Adviser	��	0.90	%(e)		0.90	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.45	)%(e)		(1.68	)%(e)
After expense reimbursement and/or fee waiver by Adviser		1.24	%(e)		0.95	%(e)
Portfolio Turnover		16.38	%(d)		0.91	%(d)(f)

(a) The commencement of investment operations for Fairpointe Focused Equity Fund Class I shares was December 23, 2014.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

94

Aston Funds

ASTON/River Road Focused Absolute Value Fund – Class N	April 30, 2016
Financial Highlights

	Period Ended 04/30/16(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.04	(b)
Net realized and unrealized gain on investments		0.09
Total from investment operations		0.13
Net increase in net asset value		0.13
Net Asset Value, End of Period	$	10.13
Total Return (c)		1.30	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	211
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		4.18	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.00	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.23	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.95	%(e)
Portfolio Turnover		75.51	%(d)(f)

(a) The commencement of investment operations for River Road Focused Absolute Value Fund Class N shares was November 3, 2015.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes securities delivered from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

95

Aston Funds

ASTON/River Road Focused Absolute Value Fund – Class I	April 30, 2016
Financial Highlights

	Period Ended 04/30/16(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.06	(b)
Net realized and unrealized gain on investments		0.08
Total from investment operations		0.14
Net increase in net asset value		0.14
Net Asset Value, End of Period	$	10.14
Total Return (c)		1.40	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,122
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.93	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.75	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.98	)%(e)
After expense reimbursement and/or fee waiver by Adviser		1.20	%(e)
Portfolio Turnover		75.51	%(d)(f)

(a) The commencement of investment operations for River Road Focused Absolute Value Fund Class I shares was November 3, 2015.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes securities delivered from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

96

Aston Funds

ASTON/Herndon Large Cap Value Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	13.27		$	15.08		$	13.84		$	11.73		$	11.31		$	10.39
Income from Investment Operations:
Net investment income		0.07	(a)		0.09	(a)		0.11	(a)		0.15	(a)		0.18	(a)		0.12	(a)
Net realized and unrealized gain (loss) on investments		(0.77	)		(0.97	)		1.49			2.40			0.91			0.81
Total from investment operations		(0.70	)		(0.88	)		1.60			2.55			1.09			0.93
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.05	)		(0.10	)		(0.22	)		(0.11	)		(0.01	)
Distributions from net realized gain on investments		(0.02	)		(0.88	)		(0.26	)		(0.22	)		(0.56	)		—
Total distributions		(0.12	)		(0.93	)		(0.36	)		(0.44	)		(0.67	)		(0.01	)
Net increase (decrease) in net asset value		(0.82	)		(1.81	)		1.24			2.11			0.42			0.92
Net Asset Value, End of Period	$	12.45		$	13.27		$	15.08		$	13.84		$	11.73		$	11.31
Total Return (b)		(5.29	)%(c)		(6.10	)%		11.67	%		22.58	%		10.39	%		9.09	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,361		$	8,500		$	13,997		$	41,861		$	20,832		$	6,089
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.25	%(d)		1.26	%		1.23	%		1.27	%		1.41	%		2.38	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.20	%(d)(e)		1.29	%		1.30	%		1.30	%		1.30	%		1.30	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.15	%(d)		0.70	%		0.84	%		1.24	%		1.44	%		(0.05	)%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.20	%(d)		0.67	%		0.77	%		1.21	%		1.55	%		1.03	%
Portfolio Turnover		28.89	%(c)		62.28	%		75.46	%		69.51	%		80.56	%	��	189.70	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Effective January 1, 2016, the Adviser changed the contractual expense limitation from 1.30% to 1.14%.

See accompanying Notes to Financial Statements.

97

Aston Funds

ASTON/Herndon Large Cap Value Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	13.25		$	15.12		$	13.87		$	11.75		$	11.33		$	11.48
Income from Investment Operations:
Net investment income		0.09	(b)		0.13	(b)		0.15	(b)		0.19	(b)		0.21	(b)		0.10	(b)
Net realized and unrealized gain (loss) on investments		(0.77	)		(0.98	)		1.48			2.39			0.91			(0.25	)
Total from investment operations		(0.68	)		(0.85	)		1.63			2.58			1.12			(0.15	)
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.14	)		(0.12	)		(0.24	)		(0.14	)		—
Distributions from net realized gain on investments		(0.02	)		(0.88	)		(0.26	)		(0.22	)		(0.56	)		—
Total distributions		(0.16	)		(1.02	)		(0.38	)		(0.46	)		(0.70	)		—
Net increase (decrease) in net asset value		(0.84	)		(1.87	)		1.25			2.12			0.42			(0.15	)
Net Asset Value, End of Period	$	12.41		$	13.25		$	15.12		$	13.87		$	11.75		$	11.33
Total Return (c)		(5.16	)%(d)		(5.88	)%		11.94	%		22.94	%		10.69	%		(1.31	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	82,555		$	112,040		$	139,448		$	80,534		$	34,575		$	11,881
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		0.99	%(e)		1.01	%		0.98	%		1.02	%		1.16	%		2.13	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		0.94	%(e)(f)		1.04	%		1.05	%		1.05	%		1.05	%		1.05	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.40	%(e)		0.95	%		1.09	%		1.49	%		1.69	%		0.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.45	%(e)		0.92	%		1.02	%		1.46	%		1.80	%		1.28	%(e)
Portfolio Turnover		28.89	%(d)		62.28	%		75.46	%		69.51	%		80.56	%		189.70	%(d)

(a) The commencement of investment operations for Herndon Large Cap Value Fund Class I shares was March 1, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Effective January 1, 2016, the Adviser changed the contractual expense limitation from 1.05% to 0.89%.

See accompanying Notes to Financial Statements.

98

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/13/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	26.67		$	29.59		$	28.68		$	25.31		$	24.72		$	22.92
Income from Investment Operations:
Net investment income		0.02	(a)		0.07	(a)		0.10	(a)		0.23	(a)		0.15	(a)		0.14	(a)
Net realized and unrealized gain (loss) on investments		(0.40	)		2.06			2.93			5.07			2.45			1.83
Total from investment operations		(0.38	)		2.13			3.03			5.30			2.60			1.97
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.05	)		(0.16	)		(0.22	)		(0.13	)		(0.13	)
Distributions from net realized gain on investments		(6.75	)		(5.00	)		(1.96	)		(1.71	)		(1.88	)		(0.04	)
Total distributions		(6.83	)		(5.05	)		(2.12	)		(1.93	)		(2.01	)		(0.17	)
Net increase (decrease) in net asset value		(7.21	)		(2.92	)		0.91			3.37			0.59			1.80
Net Asset Value, End of Period	$	19.46		$	26.67		$	29.59		$	28.68		$	25.31		$	24.72
Total Return (b)		(2.28	)%(c)		7.93	%		10.98	%		22.61	%		11.40	%		8.56	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	718,585		$	835,725		$	1,344,317		$	2,190,074		$	1,908,663		$	1,683,183
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.12	%(d)		1.05	%		1.03	%		1.04	%		1.05	%		1.06	%
After expense reimbursement and/or fee waiver by Adviser		1.12	%(d)		1.05	%		1.03	%		1.04	%		1.05	%		1.06	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.22	%(d)		0.28	%		0.34	%		0.88	%		0.60	%		0.59	%
After expense reimbursement and/or fee waiver by Adviser		0.22	%(d)		0.28	%		0.34	%		0.88	%		0.60	%		0.59	%
Portfolio Turnover		27.27	%(c)		12.11	%		47.31	%		50.57	%		46.42	%		63.48	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

99

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	26.82		$	29.80		$	28.87		$	25.46		$	24.85		$	23.05
Income from Investment Operations:
Net investment income		0.05	(a)		0.14	(a)		0.17	(a)		0.30	(a)		0.21	(a)		0.21	(a)
Net realized and unrealized gain (loss) on investments		(0.39	)		2.06			2.96			5.10			2.47			1.82
Total from investment operations		(0.34	)		2.20			3.13			5.40			2.68			2.03
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.18	)		(0.24	)		(0.28	)		(0.19	)		(0.19	)
Distributions from net realized gain on investments		(6.75	)		(5.00	)		(1.96	)		(1.71	)		(1.88	)		(0.04	)
Total distributions		(6.91	)		(5.18	)		(2.20	)		(1.99	)		(2.07	)		(0.23	)
Net increase (decrease) in net asset value		(7.25	)		(2.98	)		0.93			3.41			0.61			1.80
Net Asset Value, End of Period	$	19.57		$	26.82		$	29.80		$	28.87		$	25.46		$	24.85
Total Return (b)		(2.16	)%(c)		8.21	%		11.26	%		22.95	%		11.67	%		8.82	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	886,881		$	1,344,231		$	2,784,650		$	3,035,623		$	2,406,145		$	1,749,183
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.87	%(d)		0.80	%		0.78	%		0.79	%		0.80	%		0.81	%
After expense reimbursement and/or fee waiver by Adviser		0.87	%(d)		0.80	%		0.78	%		0.79	%		0.80	%		0.81	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.47	%(d)		0.53	%		0.59	%		1.13	%		0.85	%		0.84	%
After expense reimbursement and/or fee waiver by Adviser		0.47	%(d)		0.53	%		0.59	%		1.13	%		0.85	%		0.84	%
Portfolio Turnover		27.27	%(c)		12.11	%		47.31	%		50.57	%		46.42	%		63.48	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

100

Aston Funds

ASTON/Montag & Caldwell Growth Fund – Class R	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	26.22		$	29.21		$	28.33		$	25.02		$	24.45		$	22.70
Income from Investment Operations:
Net investment income (loss)		(0.00	)(a)(b)		0.01	(a)		0.03	(a)		0.16	(a)		0.09	(a)		0.08	(a)
Net realized and unrealized gain (loss) on investments		(0.38	)		2.01			2.91			5.01			2.43			1.80
Total from investment operations		(0.38	)		2.02			2.94			5.17			2.52			1.88
Less Distributions:
Distributions from and in excess of net investment income		(0.02	)		(0.01	)		(0.10	)		(0.15	)		(0.07	)		(0.09	)
Distributions from net realized gain on investments		(6.75	)		(5.00	)		(1.96	)		(1.71	)		(1.88	)		(0.04	)
Total distributions		(6.77	)		(5.01	)		(2.06	)		(1.86	)		(1.95	)		(0.13	)
Net increase (decrease) in net asset value .		(7.15	)		(2.99	)		0.88			3.31			0.57			1.75
Net Asset Value, End of Period	$	19.07		$	26.22		$	29.21		$	28.33		$	25.02		$	24.45
Total Return (c)		(2.38	)%(d)		7.66	%		10.74	%		22.30	%		11.10	%		8.29	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,756		$	5,877		$	7,701		$	10,099		$	8,771		$	8,654
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.37	%(e)		1.30	%		1.28	%		1.29	%		1.30	%		1.31	%
After expense reimbursement and/or fee waiver by Adviser		1.37	%(e)		1.30	%		1.28	%		1.29	%		1.30	%		1.31	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.03	)%(e)		0.03	%		0.09	%		0.63	%		0.35	%		0.34	%
After expense reimbursement and/or fee waiver by Adviser		(0.03	)%(e)		0.03	%		0.09	%		0.63	%		0.35	%		0.34	%
Portfolio Turnover		27.27	%(d)		12.11	%		47.31	%		50.57	%		46.42	%		63.48	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Represents less than $(0.005) per share.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

101

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.67		$	14.05		$	13.99		$	11.67		$	10.68		$	10.23
Income from Investment Operations:
Net investment income		0.13	(a)		0.21			0.42			0.30			0.31	(a)		0.29	(a)
Net realized and unrealized gain (loss) on investments		0.51			(0.20	)		0.89			2.73			1.05			0.42
Total from investment operations		0.64			0.01			1.31			3.03			1.36			0.71
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.22	)		(0.44	)		(0.27	)		(0.30	)		(0.26	)
Distributions from net realized gain on investments		(1.16	)		(1.17	)		(0.81	)		(0.44	)		(0.07	)		—
Total distributions		(1.24	)		(1.39	)		(1.25	)		(0.71	)		(0.37	)		(0.26	)
Net increase (decrease) in net asset value		(0.60	)		(1.38	)		0.06			2.32			0.99			0.45
Net Asset Value, End of Period	$	12.07		$	12.67		$	14.05		$	13.99		$	11.67		$	10.68
Total Return (b)		5.68	%(c)		(0.23	)%		9.89	%		27.47	%		12.96	%		6.94	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	210,625		$	214,789		$	349,937		$	449,130		$	338,166		$	301,290
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.12	%(d)		1.10	%		1.09	%		1.09	%		1.12	%		1.12	%
After expense reimbursement and/or fee waiver by Adviser		1.12	%(d)		1.10	%		1.09	%		1.09	%		1.12	%		1.12	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.22	%(d)		1.62	%		2.96	%		2.38	%		2.74	%		2.70	%
After expense reimbursement and/or fee waiver by Adviser		2.22	%(d)		1.62	%		2.96	%		2.38	%		2.74	%		2.70	%
Portfolio Turnover		15.18	%(c)		26.68	%		31.78	%		35.18	%		28.17	%		24.65	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

102

Aston Funds

ASTON/River Road Dividend All Cap Value Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.66		$	14.04		$	13.98		$	11.66		$	10.67		$	10.22
Income from Investment Operations:
Net investment income		0.14	(a)		0.25			0.44			0.34			0.34	(a)		0.32	(a)
Net realized and unrealized gain (loss) on investments		0.51			(0.20	)		0.90			2.72			1.05			0.42
Total from investment operations		0.65			0.05			1.34			3.06			1.39			0.74
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		(0.26	)		(0.47	)		(0.30	)		(0.33	)		(0.29	)
Distributions from net realized gain on investments		(1.16	)		(1.17	)		(0.81	)		(0.44	)		(0.07	)		—
Total distributions		(1.25	)		(1.43	)		(1.28	)		(0.74	)		(0.40	)		(0.29	)
Net increase (decrease) in net asset value .		(0.60	)		(1.38	)		0.06			2.32			0.99			0.45
Net Asset Value, End of Period	$	12.06		$	12.66		$	14.04		$	13.98		$	11.66		$	10.67
Total Return (b)		5.81	%(c)		0.02	%		10.18	%		27.81	%		13.25	%		7.21	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	499,425		$	635,189		$	788,322		$	779,859		$	586,043		$	318,863
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.87	%(d)		0.85	%		0.84	%		0.84	%		0.87	%		0.87	%
After expense reimbursement and/or fee waiver by Adviser		0.87	%(d)		0.85	%		0.84	%		0.84	%		0.87	%		0.87	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.47	%(d)		1.87	%		3.21	%		2.63	%		2.99	%		2.95	%
After expense reimbursement and/or fee waiver by Adviser		2.47	%(d)		1.87	%		3.21	%		2.63	%		2.99	%		2.95	%
Portfolio Turnover		15.18	%(c)		26.68	%		31.78	%		35.18	%		28.17	%		24.65	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

See accompanying Notes to Financial Statements.

103

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	12.99		$	13.69		$	12.89		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.13	(b)		0.22	(b)		0.36			0.22			0.09	(b)
Net realized and unrealized gain (loss) on investments		0.57			(0.26	)		0.96			2.46			0.41
Total from investment operations		0.70			(0.04	)		1.32			2.68			0.50
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.23	)		(0.38	)		(0.23	)		(0.06	)
Distributions from net realized gain on investments		(0.19	)		(0.43	)		(0.14	)		(0.00	)(c)		—
Total distributions		(0.29	)		(0.66	)		(0.52	)		(0.23	)		(0.06	)
Net increase (decrease) in net asset value		0.41			(0.70	)		0.80			2.45			0.44
Net Asset Value, End of Period	$	13.40		$	12.99		$	13.69		$	12.89		$	10.44
Total Return (d)		5.50	%(e)		(0.47	)%		10.46	%		25.99	%		5.09	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,007		$	2,930		$	7,037		$	3,634		$	1,049
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.19	%(f)		1.15	%		1.17	%		1.37	%		4.99	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.19	%(f)		1.15	%		1.25	%		1.30	%		1.30	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		2.09	%(f)		1.62	%		2.81	%		1.68	%		(1.24	)%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		2.09	%(f)		1.62	%		2.72	%		1.76	%		2.45	%(f)
Portfolio Turnover		15.14	%(e)		34.86	%		29.42	%		27.80	%		5.58	%(e)(g)

(a) The commencement of investment operations for River Road Dividend All Cap Value Fund II Class N shares was June 26, 2012.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Represents less than $(0.005) per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

(g) Portfolio turnover excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

104

Aston Funds

ASTON/River Road Dividend All Cap Value Fund II – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	13.00		$	13.69		$	12.89		$	10.45		$	10.00
Income from Investment Operations:
Net investment income		0.15	(b)		0.25	(b)		0.39			0.25			0.10	(b)
Net realized and unrealized gain (loss) on investments		0.57			(0.25	)		0.96			2.45			0.42
Total from investment operations		0.72			—			1.35			2.70			0.52
Less Distributions:
Distributions from and in excess of net investment income		(0.12	)		(0.26	)		(0.41	)		(0.26	)		(0.07	)
Distributions from net realized gain on investments		(0.19	)		(0.43	)		(0.14	)		(0.00	)(c)		—
Total distributions		(0.31	)		(0.69	)		(0.55	)		(0.26	)		(0.07	)
Net increase (decrease) in net asset value		0.41			(0.69	)		0.80			2.44			0.45
Net Asset Value, End of Period	$	13.41		$	13.00		$	13.69		$	12.89		$	10.45
Total Return (d)		5.63	%(e)		(0.13	)%		10.73	%		26.30	%		5.17	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	115,507		$	121,414		$	125,660		$	86,240		$	9,370
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		0.94	%(f)		0.90	%		0.92	%		1.12	%		4.74	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		0.94	%(f)		0.90	%		1.00	%		1.05	%		1.05	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		2.34	%(f)		1.87	%		3.06	%		1.93	%		(0.99	)%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		2.34	%(f)		1.87	%		2.97	%		2.01	%		2.70	%(f)
Portfolio Turnover		15.14	%(e)		34.86	%		29.42	%		27.80	%		5.58	%(e)(g)

(a) The commencement of investment operations for River Road Dividend All Cap Value Fund II Class I shares was June 26, 2012.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Represents less than $(0.005) per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

(g) Portfolio turnover excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

105

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	37.56		$	46.89		$	45.40		$	32.79		$	29.76		$	29.04
Income from Investment Operations:
Net investment income (loss)		0.09	(a)		0.12			(0.06	)		0.17			0.16			0.06	(a)
Net realized and unrealized gain (loss) on investments		0.38			(1.83	)		5.82			13.48			3.13			0.82
Total from investment operations		0.47			(1.71	)		5.76			13.65			3.29			0.88
Less Distributions:
Distributions from and in excess of net investment income		(0.11	)		(0.04	)		—			(0.30	)		(0.05	)		(0.08	)
Distributions from net realized gain on investments		(2.05	)		(7.58	)		(4.27	)		(0.74	)		(0.21	)		(0.08	)
Total distributions		(2.16	)		(7.62	)		(4.27	)		(1.04	)		(0.26	)		(0.16	)
Net increase (decrease) in net asset value .		(1.69	)		(9.33	)		1.49			12.61			3.03			0.72
Net Asset Value, End of Period	$	35.87		$	37.56		$	46.89		$	45.40		$	32.79		$	29.76
Total Return (b)		1.46	%(c)		(5.02	)%		13.32	%		42.88	%		11.15	%		2.98	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,551,239		$	1,861,753		$	2,432,815		$	2,370,432		$	1,561,510		$	1,502,266
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.13	%(d)		1.11	%		1.10	%		1.11	%		1.11	%(e)		1.14	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.13	%(d)		1.11	%		1.10	%		1.11	%		1.11	%(e)		1.14	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.53	%(d)		0.27	%		(0.12	)%		0.42	%		0.50	%		0.21	%
After expense reimbursement and/or fee waiver by Adviser		0.53	%(d)		0.27	%		(0.12	)%		0.42	%		0.50	%		0.21	%
Portfolio Turnover		15.26	%(c)		31.75	%		50.25	%		36.98	%		28.06	%(f)		11.20	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2012, and October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

106

Aston Funds

ASTON/Fairpointe Mid Cap Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	38.44		$	47.74		$	46.10		$	33.28		$	30.20		$	29.41
Income from Investment Operations:
Net investment income		0.14	(a)		0.23			0.05			0.28			0.24			0.14	(a)
Net realized and unrealized gain (loss) on investments		0.40			(1.89	)		5.92			13.67			3.18			0.82
Total from investment operations		0.54			(1.66	)		5.97			13.95			3.42			0.96
Less Distributions:
Distributions from and in excess of net investment income		(0.23	)		(0.06	)		(0.06	)		(0.39	)		(0.13	)		(0.09	)
Distributions from net realized gain on investment		(2.05	)		(7.58	)		(4.27	)		(0.74	)		(0.21	)		(0.08	)
Total distributions		(2.28	)		(7.64	)		(4.33	)		(1.13	)		(0.34	)		(0.17	)
Net increase (decrease) in net asset value		(1.74	)		(9.30	)		1.64			12.82			3.08			0.79
Net Asset Value, End of Period	$	36.70		$	38.44		$	47.74		$	46.10		$	33.28		$	30.20
Total Return (b)		1.59	%(c)		(4.78	)%		13.61	%		43.23	%		11.46	%		3.22	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,230,862		$	2,838,642		$	3,531,114		$	2,521,876		$	1,464,222		$	1,339,223
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.88	%(d)		0.86	%		0.85	%		0.86	%		0.86	%(e)		0.89	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.88	%(d)		0.86	%		0.85	%		0.86	%		0.86	%(e)		0.89	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.78	%(d)		0.52	%		0.13	%		0.67	%		0.75	%		0.46	%
After expense reimbursement and/or fee waiver by Adviser		0.78	%(d)		0.52	%		0.13	%		0.67	%		0.75	%		0.46	%
Portfolio Turnover		15.26	%(c)		31.75	%		50.25	%		36.98	%		28.06	%(f)		11.20	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2012, and October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

107

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	11.57		$	11.99		$	12.77		$	10.36		$	9.71		$	8.51
Income from Investment Operations:
Net investment loss		(0.03	)(a)		(0.08	)		(0.06	)(a)		(0.07	)		(0.07	)(a)		(0.07	)
Net realized and unrealized gain on investments		0.04			0.65			1.20			2.58			0.72			1.27
Total from investment operations		0.01			0.57			1.14			2.51			0.65			1.20
Less Distributions:
Distributions from net realized gain on investments		(1.33	)		(0.99	)		(1.92	)		(0.10	)		—			—
Total distributions		(1.33	)		(0.99	)		(1.92	)		(0.10	)		—			—
Net increase (decrease) in net asset value		(1.32	)		(0.42	)		(0.78	)		2.41			0.65			1.20
Net Asset Value, End of Period	$	10.25		$	11.57		$	11.99		$	12.77		$	10.36		$	9.71
Total Return (b)		(0.02	)%(c)		4.81	%		9.75	%		24.51	%		6.70	%		14.10	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,473		$	4,890		$	7,633		$	11,402		$	7,369		$	4,507
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.11	%(d)		2.10	%		2.16	%		1.85	%		2.50	%		3.07	%
After expense reimbursement and/or fee waiver by Adviser		1.25	%(d)		1.25	%		1.25	%		1.25	%		1.25	%(e)		1.39	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.49	)%(d)		(1.46	)%		(1.45	)%		(1.18	)%		(1.88	)%		(2.39	)%
After expense reimbursement and/or fee waiver by Adviser		(0.63	)%(d)		(0.60	)%		(0.55	)%		(0.58	)%		(0.63	)%		(0.71	)%
Portfolio Turnover		15.23	%(c)		58.12	%		32.96	%		74.24	%		36.60	%		29.31	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) For the period November 1, 2010 through September 29, 2011 the Adviser contractually waived management fees and/or reimbursed expenses so that the net expense ratio did not exceed 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses. Effective September 30, 2011, the Adviser implemented a voluntary expense limitation of 1.25%. Subsequently, on February 29, 2012, the Adviser removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.25%.

See accompanying Notes to Financial Statements.

108

Aston Funds

ASTON/Montag & Caldwell Mid Cap Growth Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	11.61		$	12.00		$	11.36
Income from Investment Operations:
Net investment loss		(0.02	)(b)		(0.04	)		(0.04	)(b)
Net realized and unrealized gain on investments		0.04			0.64			0.68
Total from investment operations		0.02			0.60			0.64
Less Distributions:
Distributions from net realized gain on investments		(1.33	)		(0.99	)		—
Total Distributions		(1.33	)		(0.99	)		—
Net increase (decrease) in net asset value		(1.31	)		(0.39	)		0.64
Net Asset Value, End of Period	$	10.30		$	11.61		$	12.00
Total Return (c)		0.08	%(d)		5.08	%		5.63	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,085		$	6,163		$	3,867
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.86	%(e)		1.85	%		2.27	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.00	%(e)		1.00	%		1.00	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.24	)%(e)		(1.21	)%		(1.95	)%(e)
After expense reimbursement and/or fee waiver by Adviser		(0.38	)%(e)		(0.35	)%		(0.68	)%(e)
Portfolio Turnover		15.23	%(d)		58.12	%		32.96	%(d)

(a) The commencement of investment operations for Montag & Caldwell Mid Cap Growth Fund Class I shares was May 13, 2014.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

109

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	14.47		$	14.76		$	14.71		$	11.42		$	9.95		$	10.00
Income from Investment Operations:
Net investment income (loss)		(0.06	)(b)		(0.15	)(b)		(0.13	)(b)		0.00	(b)(c)		(0.12	)(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		(2.20	)		0.40			2.21			4.18			1.59			(0.01	)
Total from investment operations		(2.26	)		0.25			2.08			4.18			1.47			(0.05	)
Less Distributions:
Distributions from net realized gain on investments		(0.00	)(c)		(0.54	)		(2.03	)		(0.89	)		—			—
Total distributions		(0.00	)(c)		(0.54	)		(2.03	)		(0.89	)		—			—
Net increase (decrease) in net asset value		(2.26	)		(0.29	)		0.05			3.29			1.47			(0.05	)
Net Asset Value, End of Period	$	12.21		$	14.47		$	14.76		$	14.71		$	11.42		$	9.95
Total Return (d)		(15.53	)%(e)		1.65	%		15.18	%		39.31	%		14.77	%		(0.50	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	85,139		$	154,394		$	37,099		$	32,045		$	5,659		$	5,411
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.52	%(f)		1.53	%		1.67	%		2.03	%		2.86	%		8.27	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.35	%(f)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(1.03	)%(f)		(1.18	)%		(1.22	)%		(0.66	)%		(2.68	)%		(8.14	)%(f)
After expense reimbursement and/or fee waiver by Adviser		(0.86	)%(f)		(1.00	)%		(0.90	)%		0.02	%		(1.17	)%		(1.21	)%(f)
Portfolio Turnover		64.58	%(e)		79.46	%		143.99	%		186.40	%(g)		168.05	%(h)		205.85	%(e)

(a) The commencement of investment operations for LMCG Small Cap Growth Fund Class N shares was November 2, 2010.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Represents less than $(0.005) or $0.005 per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received from the reorganization.

(h) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

110

Aston Funds

ASTON/LMCG Small Cap Growth Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	14.64		$	14.89		$	14.81		$	11.46		$	9.97		$	12.40
Income from Investment Operations:
Net investment income (loss)		(0.04	)(b)		(0.12	)(b)		(0.09	)(b)		0.04	(b)		(0.10	)(b)		(0.04	)
Net realized and unrealized gain (loss) on investments		(2.23	)		0.41			2.23			4.20			1.59			(2.39	)
Total from investment operations		(2.27	)		0.29			2.14			4.24			1.49			(2.43	)
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.03	)		—			—			—
Distributions from net realized gain on investments		(0.00	)(c)		(0.54	)		(2.03	)		(0.89	)		—			—
Total distributions		(0.00	)(c)		(0.54	)		(2.06	)		(0.89	)		—			—
Net increase (decrease) in net asset value		(2.27	)		(0.25	)		0.08			3.35			1.49			(2.43	)
Net Asset Value, End of Period	$	12.37		$	14.64		$	14.89		$	14.81		$	11.46		$	9.97
Total Return (d)		(15.49	)%(e)		1.91	%		15.51	%		39.72	%		14.95	%		(19.60	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	60,688		$	76,989		$	15,083		$	8,496		$	755		$	2,551
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.27	%(f)		1.28	%		1.42	%		1.78	%		2.61	%		6.25	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(f)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.78	)%(f)		(0.93	)%		(0.97	)%		(0.41	)%		(2.43	)%		(6.11	)%(f)
After expense reimbursement and/or fee waiver by Adviser		(0.61	)%(f)		(0.75	)%		(0.65	)%		0.27	%		(0.92	)%		(0.96	)%(f)
Portfolio Turnover		64.58	%(e)		79.46	%		143.99	%		186.40	%(g)		168.05	%(h)		205.85	%(e)

(a) The commencement of investment operations for LMCG Small Cap Growth Fund Class I shares was May 31, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Represents less than ($0.005) or $0.005 per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

(g) Portfolio turnover rate excludes securities received from the reorganization.

(h) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

111

Aston Funds

ASTON/River Road Independent Value Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	9.90		$	10.89		$	11.47		$	11.42		$	10.75		$	10.00
Income from Investment Operations:
Net investment loss		(0.05	)(b)		(0.11	)(b)		(0.12	)(b)		(0.07	)		(0.09	)(b)		(0.07	)(b)
Net realized and unrealized gain (loss) on investments		0.89			(0.23	)		(0.01	)		0.75			0.88			0.82
Total from investment operations		0.84			(0.34	)		(0.13	)		0.68			0.79			0.75
Less Distributions:
Distributions from net realized gain on investments		—			(0.65	)		(0.45	)		(0.63	)		(0.12	)		—
Total distributions		—			(0.65	)		(0.45	)		(0.63	)		(0.12	)		—
Net increase (decrease) in net asset value		0.84			(0.99	)		(0.58	)		0.05			0.67			0.75
Net Asset Value, End of Period	$	10.74		$	9.90		$	10.89		$	11.47		$	11.42		$	10.75
Total Return (c)		8.49	%(d)		(3.38	)%		(1.24	)%		6.37	%		7.41	%		7.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	299,594		$	239,543		$	285,949		$	339,088		$	362,416		$	306,223
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.46	%(e)		1.44	%		1.42	%(f)		1.43	%(f)		1.44	%(f)		1.59	%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.42	%(e)		1.42	%		1.42	%(f)		1.41	%(f)		1.42	%(f)		1.42	%(e)
Ratios of net investment loss to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, by the Adviser		(1.13	)%(e)		(1.09	)%		(1.04	)%		(0.61	)%		(0.81	)%		(0.98	)%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		(1.09	)%(e)		(1.07	)%		(1.03	)%		(0.59	)%		(0.79	)%		(0.80	)%(e)
Portfolio Turnover		46.35	%(d)		59.40	%		91.10	%		82.24	%(g)		141.17	%		105.69	%(d)

(a) The commencement of investment operations for River Road Independent Value Fund Class N shares was December 30, 2010.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include Earnings Credits of 0.01% for the year ended October 31, 2013 and less than 0.005% for the years ended October 31, 2014 and 2012, which is not included in the contractual expense limitation.

(g) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

112

Aston Funds

ASTON/River Road Independent Value Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13				Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.01		$	10.98		$	11.54		$	11.46			$	10.75		$	10.92
Income from Investment Operations:
Net investment loss		(0.04	)(b)		(0.09	)(b)		(0.09	)(b)		(0.04	)			(0.06	)(b)		(0.02	)(b)
Net realized and unrealized gain (loss) on investments		0.91			(0.23	)		(0.02	)		0.75				0.89			(0.15	)
Total from investment operations		0.87			(0.32	)		(0.11	)		0.71				0.83			(0.17	)
Less Distributions:
Distributions from net realized gain on investments		—			(0.65	)		(0.45	)		(0.63	)			(0.12	)		—
Total distributions		—			(0.65	)		(0.45	)		(0.63	)			(0.12	)		—
Net increase (decrease) in net asset value		0.87			(0.97	)		(0.56	)		0.08				0.71			(0.17	)
Net Asset Value, End of Period	$	10.88		$	10.01		$	10.98		$	11.54			$	11.46		$	10.75
Total Return (c)		8.69	%(d)		(3.16	)%		(1.05	)%		6.62	%			7.68	%		(1.47	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	109,587		$	116,452		$	381,289		$	386,268			$	338,234		$	85,478
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.21	%(e)		1.19	%		1.17	%(f)		1.18	%(f)			1.19	%(f)		1.34	%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		1.17	%(e)		1.17	%		1.17	%(f)		1.16	%(f)			1.17	%(f)		1.17	%(e)
Ratios of net investment loss to average net assets:													��
Before earnings credit, expense reimbursement and/or fee waiver, by the Adviser		(0.88	)%(e)		(0.84	)%		(0.79	)%		(0.36	)%			(0.56	)%		(0.73	)%(e)
After earnings credit, expense reimbursement and/or fee waiver, by the Adviser		(0.84	)%(e)		(0.82	)%		(0.78	)%		(0.34	)%			(0.54	)%		(0.55	)%(e)
Portfolio Turnover		46.35	%(d)		59.40	%		91.10	%		82.24	%(g)			141.17	%		105.69	%(d)

(a) The commencement of investment operations for River Road Independent Value Fund Class I shares was May 31, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include Earnings Credits of 0.01% for the year ended October 31, 2013 and less than 0.005% for the years ended October 31, 2014 and 2012, which is not included in the contractual expense limitation.

(g) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

113

Aston Funds

ASTON/River Road Select Value Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	7.63		$	8.77		$	10.28		$	8.50		$	9.54		$	9.01
Income from Investment Operations:
Net investment income (loss)		(0.01	)(a)		(0.04	)(a)		(0.03	)(a)		0.07	(a)		0.01	(a)		(0.02	)(a)
Net realized and unrealized gain on investments		0.21			0.33			0.03			2.34			1.01			0.66
Total from investment operations		0.20			0.29			—			2.41			1.02			0.64
Less Distributions:
Distributions from net investment income		—			—			(0.02	)		(0.12	)		—			(0.03	)
Distributions from net realized gain on investments		(1.11	)		(1.43	)		(1.49	)		(0.51	)		(2.06	)		(0.08	)
Total distributions		(1.11	)		(1.43	)		(1.51	)		(0.63	)		(2.06	)		(0.11	)
Net increase (decrease) in net asset value		(0.91	)		(1.14	)		(1.51	)		1.78			(1.04	)		0.53
Net Asset Value, End of Period	$	6.72		$	7.63		$	8.77		$	10.28		$	8.50		$	9.54
Total Return (b)		3.62	%(c)		3.26	%		(0.23	)%		30.44	%		12.87	%		7.12	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,087		$	5,038		$	8,388		$	19,099		$	6,270		$	13,160
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.73	%(d)		1.49	%		1.45	%		1.46	%		1.43	%(e)		1.42	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.50	%(d)		1.49	%		1.45	%		1.46	%		1.43	%(e)		1.42	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.59	)%(d)		(0.52	)%		(0.36	)%		0.78	%		0.07	%		(0.18	)%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.36	)%(d)		(0.52	)%		(0.36	)%		0.78	%		0.07	%		(0.18	)%
Portfolio Turnover		39.72	%(c)		58.97	%		64.44	%		71.01	%		38.84	%		48.22	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2012 and October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

114

Aston Funds

ASTON/River Road Select Value Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	7.76		$	8.88		$	10.38		$	8.58		$	9.59		$	9.04
Income from Investment Operations:
Net investment income (loss)		(0.00	)(a)(b)		(0.02	)(a)		(0.01	)(a)		0.10	(a)		0.03	(a)		0.01	(a)
Net realized and unrealized gain on investments		0.21			0.33			0.04			2.36			1.02			0.67
Total from investment operations		0.21			0.31			0.03			2.46			1.05			0.68
Less Distributions:
Distributions from net investment income		(0.02	)		—			(0.04	)		(0.15	)		—			(0.05	)
Distributions from net realized gain on investments		(1.11	)		(1.43	)		(1.49	)		(0.51	)		(2.06	)		(0.08	)
Total distributions		(1.13	)		(1.43	)		(1.53	)		(0.66	)		(2.06	)		(0.13	)
Net increase (decrease) in net asset value		(0.92	)		(1.12	)		(1.50	)		1.80			(1.01	)		0.55
Net Asset Value, End of Period	$	6.84		$	7.76		$	8.88		$	10.38		$	8.58		$	9.59
Total Return (c)		3.78	%(d)		3.60	%		0.00	%		30.74	%		13.18	%		7.56	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	40,647		$	92,073		$	176,166		$	198,220		$	156,510		$	130,527
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.48	%(e)		1.24	%		1.20	%		1.21	%		1.18	%(f)		1.17	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.25	%(e)		1.24	%		1.20	%		1.21	%		1.18	%(f)		1.17	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.34	)%(e)		(0.27	)%		(0.11	)%		1.03	%		0.32	%		0.07	%
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(0.11	)%(e)		(0.27	)%		(0.11	)%		1.03	%		0.32	%		0.07	%
Portfolio Turnover		39.72	%(d)		58.97	%		64.44	%		71.01	%		38.84	%		48.22	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Represents less than $(0.005) per share.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2012 and October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

115

Aston Funds

ASTON/River Road Small Cap Value Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.20		$	13.53		$	17.05		$	13.56		$	12.20		$	11.60
Income from Investment Operations:
Net investment income (loss)		(0.01	)(a)		(0.06	)(a)		(0.04	)(a)		0.16			0.03	(a)		(0.03	)
Net realized and unrealized gain on investments		0.12			0.72			0.14			3.98			1.33			0.67
Total from investment operations		0.11			0.66			0.10			4.14			1.36			0.64
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.04	)		(0.22	)		—			(0.04	)
Distributions from net realized gain on investments		(0.72	)		(1.99	)		(3.58	)		(0.43	)		—			—
Total distributions		(0.72	)		(1.99	)		(3.62	)		(0.65	)		—			(0.04	)
Net increase (decrease) in net asset value		(0.61	)		(1.33	)		(3.52	)		3.49			1.36			0.60
Net Asset Value, End of Period	$	11.59		$	12.20		$	13.53		$	17.05		$	13.56		$	12.20
Total Return (b)		1.11	%(c)		5.15	%		(0.05	)%		31.98	%		11.15	%		5.46	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	20,135		$	25,246		$	49,049		$	56,793		$	49,154		$	91,347
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.36	%(d)		1.34	%		1.33	%		1.34	%		1.37	%		1.37	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.36	%(d)		1.34	%		1.33	%		1.34	%		1.37	%		1.37	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.21	)%(d)		(0.45	)%		(0.26	)%		1.03	%		0.22	%		(0.13	)%
After expense reimbursement and/or fee waiver by Adviser		(0.21	)%(d)		(0.45	)%		(0.26	)%		1.03	%		0.22	%		(0.13	)%
Portfolio Turnover		38.30	%(c)		60.94	%		66.22	%		56.08	%		26.95	%		42.29	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

116

Aston Funds

ASTON/River Road Small Cap Value Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.31		$	13.60		$	17.13		$	13.62		$	12.22		$	11.62
Income from Investment Operations:
Net investment income (loss)		0.00	(a)(b)		(0.03	)(b)		(0.00	)(a)(b)		0.19			0.06	(b)		0.01
Net realized and unrealized gain on investments		0.13			0.73			0.13			4.01			1.34			0.65
Total from investment operations		0.13			0.70			0.13			4.20			1.40			0.66
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.08	)		(0.26	)		—			(0.06	)
Distributions from net realized gain on investments		(0.72	)		(1.99	)		(3.58	)		(0.43	)		—			—
Total distributions		(0.72	)		(1.99	)		(3.66	)		(0.69	)		—			(0.06	)
Net increase (decrease) in net asset value		(0.59	)		(1.29	)		(3.53	)		3.51			1.40			0.60
Net Asset Value, End of Period	$	11.72		$	12.31		$	13.60		$	17.13		$	13.62		$	12.22
Total Return (c)		1.27	%(d)		5.45	%		0.16	%		32.36	%		11.46	%		5.70	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	236,755		$	245,192		$	250,173		$	252,804		$	240,075		$	246,141
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.11	%(e)		1.09	%		1.08	%		1.09	%		1.12	%		1.12	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.11	%(e)		1.09	%		1.08	%		1.09	%		1.12	%		1.12	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.04	%(e)		(0.20	)%		(0.01	)%		1.28	%		0.47	%		0.12	%
After expense reimbursement and/or fee waiver by Adviser		0.04	%(e)		(0.20	)%		(0.01	)%		1.28	%		0.47	%		0.12	%
Portfolio Turnover		38.30	%(d)		60.94	%		66.22	%		56.08	%		26.95	%		42.29	%

(a) Represents less than $(0.005) or $0.005 per share.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

117

Aston Funds

ASTON/Silvercrest Small Cap Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	15.20		$	15.20		$	14.54		$	10.90		$	10.00
Income from Investment Operations:
Net investment income		0.03	(b)		0.01	(b)		0.01			0.01	(b)		0.01
Net realized and unrealized gain (loss) on investments		(0.19	)		0.31			1.16			3.77			0.89
Total from investment operations		(0.16	)		0.32			1.17			3.78			0.90
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.02	)		(0.00	)(c)		(0.11	)		—
Distributions from net realized gain on investments		(0.55	)		(0.30	)		(0.51	)		(0.03	)		—
Total distributions		(0.59	)		(0.32	)		(0.51	)		(0.14	)		—
Net increase (decrease) in net asset value		(0.75	)		0.00			0.66			3.64			0.90
Net Asset Value, End of Period	$	14.45		$	15.20		$	15.20		$	14.54		$	10.90
Total Return (d)		(0.99	)%(e)		2.14	%		8.18	%		35.09	%		9.00	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	18,930		$	19,061		$	6,673		$	4,049		$	750
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.42	%(f)		1.47	%		1.61	%		2.05	%		5.10	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(f)		1.40	%		1.40	%		1.40	%		1.40	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.35	%(f)		(0.03	)%		(0.17	)%		(0.61	)%		(3.51	)%(f)
After expense reimbursement and/or fee waiver by Adviser		0.38	%(f)		0.04	%		0.04	%		0.04	%		0.19	%(f)
Portfolio Turnover		13.69	%(e)		36.02	%		31.68	%		36.82	%		26.22	%(e)(g)

(a) The commencement of investment operations for Silvercrest Small Cap Fund Class N shares was December 26, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Represents less than $(0.005) per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

118

Aston Funds

ASTON/Silvercrest Small Cap Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	15.30		$	15.27		$	14.59		$	10.93		$	10.00
Income from Investment Operations:
Net investment income		0.04	(b)		0.04	(b)		0.05			0.04	(b)		0.03
Net realized and unrealized gain (loss) on investments		(0.18	)		0.32			1.17			3.78			0.90
Total from investment operations		(0.14	)		0.36			1.22			3.82			0.93
Less Distributions:
Distributions from and in excess of net investment income		(0.06	)		(0.03	)		(0.03	)		(0.13	)		—
Distributions from net realized gain on investments		(0.55	)		(0.30	)		(0.51	)		(0.03	)		—
Total distributions		(0.61	)		(0.33	)		(0.54	)		(0.16	)		—
Net increase (decrease) in net asset value		(0.75	)		0.03			0.68			3.66			0.93
Net Asset Value, End of Period	$	14.55		$	15.30		$	15.27		$	14.59		$	10.93
Total Return (c)		(0.85	)%(d)		2.37	%		8.47	%		35.39	%		9.30	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	158,986		$	145,402		$	62,215		$	29,219		$	4,962
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.17	%(e)		1.22	%		1.36	%		1.80	%		4.85	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)		1.15	%		1.15	%		1.15	%		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.60	%(e)		0.22	%		0.08	%		(0.36	)%		(3.26	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.63	%(e)		0.29	%		0.29	%		0.29	%		0.44	%(e)
Portfolio Turnover		13.69	%(d)		36.02	%		31.68	%		36.82	%		26.22	%(d)(f)

(a) The commencement of investment operations for Silvercrest Small Cap Fund Class I shares was December 26, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

119

Aston Funds

ASTON Small Cap Fund – Class N (formerly, ASTON/TAMRO Small Cap Fund)	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	18.59		$	22.07		$	24.06		$	20.52		$	20.57		$	19.42
Income from Investment Operations:
Net investment loss		(0.04	)(a)		(0.12	)(a)		(0.13	)(a)		(0.03	)(a)		(0.12	)(a)		(0.15	)(a)
Net realized and unrealized gain (loss) on investments		(0.89	)		(0.62	)		0.30			5.55			2.09			1.75
Total from investment operations		(0.93	)		(0.74	)		0.17			5.52			1.97			1.60
Less Distributions:
Distributions from net realized gain on investments		(11.97	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)
Total distributions		(11.97	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)
Net increase (decrease) in net asset value		(12.90	)		(3.48	)		(1.99	)		3.54			(0.05	)		1.15
Net Asset Value, End of Period	$	5.69		$	18.59		$	22.07		$	24.06		$	20.52		$	20.57
Total Return (b)		(6.94	)%(c)		(4.12	)%		0.57	%		29.52	%		10.70	%		8.16	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	44,044		$	241,283		$	336,350		$	533,627		$	389,125		$	375,969
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.43	%(d)		1.31	%		1.31	%		1.31	%		1.28	%(f)		1.29	%
After expense reimbursement and/or fee waiver by Adviser		1.42	%(d)(e)		1.31	%		1.31	%		1.31	%		1.28	%(f)		1.29	%
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.77	)%(d)		(0.58	)%		(0.57	)%		(0.16	)%		(0.59	)%		(0.69	)%
After expense reimbursement and/or fee waiver by Adviser		(0.77	)%(d)		(0.58	)%		(0.57	)%		(0.16	)%		(0.59	)%		(0.69	)%
Portfolio Turnover		70.16	%(c)(g)		64.94	%		69.72	%		71.28	%(g)(h)		48.22	%(g)		47.25	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Effective January 12, 2016, the Adviser has agreed to a contractual expense limitation of 1.35%.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2012, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(h) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

120

Aston Funds

ASTON Small Cap Fund – Class I (formerly, ASTON/TAMRO Small Cap Fund)	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	19.30		$	22.76		$	24.69		$	20.96		$	20.91		$	19.69
Income from Investment Operations:
Net investment income (loss)		(0.03	)(a)		(0.07	)(a)		(0.07	)(a)		0.02	(a)		(0.07	)(a)		(0.09	)(a)
Net realized and unrealized gain (loss) on investments		(0.94	)		(0.65	)		0.30			5.69			2.14			1.76
Total from investment operations		(0.97	)		(0.72	)		0.23			5.71			2.07			1.67
Less Distributions:
Distributions from net realized gain on investments		(11.97	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)
Total distributions		(11.97	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)		(0.45	)
Net increase (decrease) in net asset value		(12.94	)		(3.46	)		(1.93	)		3.73			0.05			1.22
Net Asset Value, End of Period	$	6.36		$	19.30		$	22.76		$	24.69		$	20.96		$	20.91
Total Return (b)		(6.84	)%(c)		(3.93	)%		0.86	%		29.84	%		10.98	%		8.40	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	65,342		$	307,403		$	469,518		$	792,172		$	635,663		$	625,315
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.18	%(d)		1.06	%		1.06	%		1.06	%		1.03	%(f)		1.04	%
After expense reimbursement and/or fee waiver by Adviser		1.17	%(d)(e)		1.06	%		1.06	%		1.06	%		1.03	%(f)		1.04	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.52	)%(d)		(0.33	)%		(0.32	)%		0.09	%		(0.34	)%		(0.44	)%
After expense reimbursement and/or fee waiver by Adviser		(0.52	)%(d)		(0.33	)%		(0.32	)%		0.09	%		(0.34	)%		(0.44	)%
Portfolio Turnover		70.16	%(c)(g)		64.94	%		69.72	%		71.28	%(g)(h)		48.22	%(g)		47.25	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Effective January 12, 2016, the Adviser has agreed to a contractual expense limitation of 1.10%.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2012, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(h) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

See accompanying Notes to Financial Statements.

121

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.60		$	10.86		$	10.65		$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.15	(b)		0.38			0.40			0.30			0.33	(b)		0.12	(b)
Net realized and unrealized gain (loss) on investments		0.06			(0.27	)		0.22			(0.33	)		0.72			0.41
Total from investment operations		0.21			0.11			0.62			(0.03	)		1.05			0.53
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.37	)		(0.41	)		(0.36	)		(0.37	)		(0.09	)
Distributions from net realized gain on investments		—			—			—			(0.06	)		(0.02	)		—
Total distributions		(0.15	)		(0.37	)		(0.41	)		(0.42	)		(0.39	)		(0.09	)
Net increase (decrease) in net asset value		0.06			(0.26	)		0.21			(0.45	)		0.66			0.44
Net Asset Value, End of Period	$	10.66		$	10.60		$	10.86		$	10.65		$	11.10		$	10.44
Total Return (c)		2.05	%(d)		1.04	%		5.96	%		(0.28	)%		10.25	%		5.33	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	327,885		$	188,286		$	49,147		$	66,368		$	71,546		$	22,657
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.99	%(e)		1.05	%		1.08	%		1.04	%		1.35	%		3.16	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.94	%(e)		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.79	%(e)		3.21	%		3.58	%		2.66	%		2.59	%		1.63	%(e)
After expense reimbursement and/or fee waiver by Adviser		2.84	%(e)		3.32	%		3.72	%		2.77	%		3.01	%		3.85	%(e)
Portfolio Turnover		36.01	%(d)		59.42	%		117.18	%		125.07	%		118.67	%		38.49	%(d)

(a) The commencement of investment operations for DoubleLine Core Plus Fixed Income Fund Class N shares was July 17, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

122

Aston Funds

ASTON/DoubleLine Core Plus Fixed Income Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	10.60		$	10.86		$	10.65		$	11.10		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.16	(b)		0.41			0.44			0.33			0.35	(b)		0.13	(b)
Net realized and unrealized gain (loss) on investments		0.06			(0.27	)		0.21			(0.33	)		0.73			0.41
Total from investment operations		0.22			0.14			0.65			—			1.08			0.54
Less Distributions:
Distributions from and in excess of net investment income		(0.17	)		(0.40	)		(0.44	)		(0.39	)		(0.40	)		(0.10	)
Distributions from net realized gain on investments		—			—			—			(0.06	)		(0.02	)		—
Total distributions		(0.17	)		(0.40	)		(0.44	)		(0.45	)		(0.42	)		(0.10	)
Net increase (decrease) in net asset value		0.05			(0.26	)		0.21			(0.45	)		0.66			0.44
Net Asset Value, End of Period	$	10.65		$	10.60		$	10.86		$	10.65		$	11.10		$	10.44
Total Return (c)		2.08	%(d)		1.28	%		6.22	%		(0.03	)%		10.52	%		5.38	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	380,556		$	304,051		$	158,198		$	110,018		$	105,335		$	4,486
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.74	%(e)		0.80	%		0.83	%		0.79	%		1.10	%		2.91	%(e)
After expense reimbursement and/or fee waiver by Adviser		0.69	%(e)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.04	%(e)		3.46	%		3.83	%		2.91	%		2.84	%		1.88	%(e)
After expense reimbursement and/or fee waiver by Adviser		3.09	%(e)		3.57	%		3.97	%		3.02	%		3.26	%		4.10	%(e)
Portfolio Turnover		36.01	%(d)		59.42	%		117.18	%		125.07	%		118.67	%		38.49	%(d)

(a) The commencement of investment operations for DoubleLine Core Plus Fixed Income Fund Class I shares was July 17, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

123

Aston Funds

ASTON/TCH Fixed Income Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	10.35		$	10.85		$	10.67		$	11.11		$	10.59		$	10.49
Income from Investment Operations:
Net investment income		0.14	(a)		0.29			0.35	(a)		0.40	(a)		0.45	(a)		0.47	(a)
Net realized and unrealized gain (loss) on investments		0.10			(0.46	)		0.23			(0.39	)		0.56			0.10
Total from investment operations		0.24			(0.17	)		0.58			0.01			1.01			0.57
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.33	)		(0.40	)		(0.45	)		(0.49	)		(0.47	)
		��
Total distributions		(0.16	)		(0.33	)		(0.40	)		(0.45	)		(0.49	)		(0.47	)
Net increase (decrease) in net asset value		0.08			(0.50	)		0.18			(0.44	)		0.52			0.10
Net Asset Value, End of Period	$	10.43		$	10.35		$	10.85		$	10.67		$	11.11		$	10.59
Total Return (b)		2.36	%(c)		(1.61	)%		5.48	%		0.13	%		9.74	%		5.62	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	33,229		$	35,023		$	36,950		$	45,771		$	59,772		$	62,346
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.23	%(d)		1.18	%		1.17	%		1.02	%		1.02	%		1.14	%
After expense reimbursement and/or fee waiver by Adviser		0.94	%(d)		0.94	%		0.94	%		0.84	%		0.86	%		0.88	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.53	%(d)		2.52	%		3.04	%		3.49	%		4.03	%		4.20	%
After expense reimbursement and/or fee waiver by Adviser		2.82	%(d)		2.76	%		3.26	%		3.67	%		4.19	%		4.46	%
Portfolio Turnover		14.24	%(c)		28.51	%		36.31	%		53.77	%		57.43	%		37.51	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Effective March 1, 2011, the contractual expense limitation was increased from 0.74% to 0.94%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

124

Aston Funds

ASTON/TCH Fixed Income Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	10.35		$	10.85		$	10.67		$	11.11		$	10.59		$	10.49
Income from Investment Operations:
Net investment income		0.16	(a)		0.32			0.38	(a)		0.42	(a)		0.47	(a)		0.49	(a)
Net realized and unrealized gain (loss) on investments		0.09			(0.46	)		0.22			(0.39	)		0.55			0.11
Total from investment operations		0.25			(0.14	)		0.60			0.03			1.02			0.60
Less Distributions:
Distributions from and in excess of net investment income		(0.17	)		(0.36	)		(0.42	)		(0.47	)		(0.50	)		(0.50	)
Total distributions		(0.17	)		(0.36	)		(0.42	)		(0.47	)		(0.50	)		(0.50	)
Net increase (decrease) in net asset value .		0.08			(0.50	)		0.18			(0.44	)		0.52			0.10
Net Asset Value, End of Period	$	10.43		$	10.35		$	10.85		$	10.67		$	11.11		$	10.59
Total Return (b)		2.49	%(c)		(1.37	)%		5.75	%		0.28	%		9.93	%		5.89	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	7,706		$	14,808		$	15,199		$	8,742		$	10,396		$	10,423
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.98	%(d)		0.93	%		0.92	%		0.87	%		0.85	%		0.89	%
After expense reimbursement and/or fee waiver by Adviser		0.69	%(d)		0.69	%		0.69	%		0.69	%		0.69	%		0.63	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.78	%(d)		2.77	%		3.29	%		3.64	%		4.20	%		4.45	%
After expense reimbursement and/or fee waiver by Adviser		3.07	%(d)		3.01	%		3.51	%		3.82	%		4.36	%		4.71	%
Portfolio Turnover		14.24	%(c)		28.51	%		36.31	%		53.77	%		57.43	%		37.51	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Effective March 1, 2011, the contractual expense limitation was increased from 0.49% to 0.69%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

125

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	9.14		$	9.49		$	9.39		$	8.68		$	9.61		$	9.41
Income from Investment Operations:
Net investment income		0.12	(a)		0.18			0.17			0.20			0.16			0.14
Net realized and unrealized gain (loss) on investments		(0.07	)		(0.36	)		0.09			0.86			0.11			0.56
Total from investment operations		0.05			(0.18	)		0.26			1.06			0.27			0.70
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.17	)		(0.16	)		(0.20	)		(0.16	)		(0.13	)
Distributions from net realized gain on investments		(0.04	)		—			—			(0.15	)		(1.04	)		(0.37	)
Total distributions		(0.17	)		(0.17	)		(0.16	)		(0.35	)		(1.20	)		(0.50	)
Net increase (decrease) in net asset value		(0.12	)		(0.35	)		0.10			0.71			(0.93	)		0.20
Net Asset Value, End of Period	$	9.02		$	9.14		$	9.49		$	9.39		$	8.68		$	9.61
Total Return (b)		0.54	%(c)		(1.86	)%		2.68	%		12.60	%		3.12	%		7.69	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	55,040		$	84,994		$	101,980		$	101,663		$	106,191		$	48,365
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.27	%(d)		1.19	%		1.19	%		1.23	%(e)		1.22	%(e)(f)		1.24	%(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.27	%(d)		1.19	%		1.19	%		1.23	%(e)		1.27	%(e)(f)		1.33	%(f)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.64	%(d)		1.78	%		1.81	%		2.24	%		1.82	%		1.51	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.64	%(d)		1.78	%		1.81	%		2.24	%		1.78	%		1.41	%
Portfolio Turnover		13.44	%(c)		33.30	%		41.24	%		77.70	%		56.33	%		87.37	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include Earnings Credits of less than 0.005% for each of the years ended October 31, 2013 and October 31, 2012, which is not included in the contractual expense limitation.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2012 and October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

126

Aston Funds

ASTON/Anchor Capital Enhanced Equity Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	9.15		$	9.50		$	9.40		$	8.69		$	9.62		$	9.41
Income from Investment Operations:
Net investment income		0.13	(a)		0.19			0.18			0.22			0.18			0.16
Net realized and unrealized gain (loss) on investments		(0.07	)		(0.35	)		0.10			0.86			0.11			0.57
Total from investment operations		0.06			(0.16	)		0.28			1.08			0.29			0.73
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.19	)		(0.18	)		(0.22	)		(0.18	)		(0.15	)
Distributions from net realized gain on investments		(0.04	)		—			—			(0.15	)		(1.04	)		(0.37	)
Total distributions		(0.18	)		(0.19	)		(0.18	)		(0.37	)		(1.22	)		(0.52	)
Net increase (decrease) in net asset value		(0.12	)		(0.35	)		0.10			0.71			(0.93	)		0.21
Net Asset Value, End of Period	$	9.03		$	9.15		$	9.50		$	9.40		$	8.69		$	9.62
Total Return (b)		0.68	%(c)		(1.60	)%		2.94	%		12.88	%		3.46	%		7.97	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	48,720		$	83,475		$	108,985		$	58,099		$	71,618		$	64,840
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.02	%(d)		0.94	%		0.94	%		0.98	%(e)		0.97	%(e)(f)		0.99	%(f)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.02	%(d)		0.94	%		0.94	%		0.98	%(e)		1.02	%(e)(f)		1.08	%(f)
Ratios of net investment income to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.89	%(d)		2.03	%		2.06	%		2.49	%		2.07	%		1.76	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		2.89	%(d)		2.03	%		2.06	%		2.49	%		2.03	%		1.66	%
Portfolio Turnover		13.44	%(c)		33.30	%		41.24	%		77.70	%		56.33	%		87.37	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include Earnings Credits of less than 0.005% for each of the years ended October 31, 2013 and October 31, 2012, which is not included in the contractual expense limitation.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for each of the years ended October 31, 2012 and October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

127

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.76		$	13.64		$	13.34		$	12.39		$	11.94		$	11.97
Income from Investment Operations:
Net investment income (loss)		0.05	(a)		(0.04	)(a)		(0.07	)(a)		0.00	(a)(b)		0.04	(a)		(0.01	)(a)
Net realized and unrealized gain (loss) on investments		(0.25	)		(0.34	)		0.50	(c)		1.11			0.59			0.13
Total from investment operations		(0.20	)		(0.38	)		0.43			1.11			0.63			0.12
Less Distributions:
Distributions from and in excess of net investment income		—			(0.00	)(b)		(0.09	)		(0.16	)		(0.18	)		(0.08	)
Distributions from net realized gain on investments		(0.80	)		(0.50	)		(0.04	)		—			—			(0.07	)
Total distributions		(0.80	)		(0.50	)		(0.13	)		(0.16	)		(0.18	)		(0.15	)
Net increase (decrease) in net asset value		(1.00	)		(0.88	)		0.30			0.95			0.45			(0.03	)
Net Asset Value, End of Period	$	11.76		$	12.76		$	13.64		$	13.34		$	12.39		$	11.94
Total Return (d)		(1.59	)%(e)		(2.87	)%		3.27	%		9.05	%		5.34	%		0.92	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	35,864		$	40,667		$	44,386		$	54,388		$	33,719		$	17,626
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (f)		1.50	%(g)		1.43	%(h)		1.41	%		1.43	%(i)		1.41	%(i)(j)		1.53	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (f)		1.40	%(g)		1.41	%(h)		1.43	%		1.45	%(i)		1.45	%(i)(j)		1.45	%
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.76	%(g)		(0.33	)%		(0.51	)%		(0.00	)%(b)		0.36	%(j)		(0.17	)%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		0.86	%(g)		(0.31	)%		(0.53	)%		(0.03	)%		0.32	%(j)		(0.10	)%
Portfolio Turnover		17.66	%(e)		72.73	%		45.91	%		43.55	%		45.60	%		79.77	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Represents less than ($0.005) or $0.005 per share or less than 0.005%.

(c) Includes capital contribution of less than $0.005 per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Annualized.

(h) Effective February 28, 2015, the contractual expense limitation was decreased from 1.45% to 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

(i) Ratios of expenses to average net assets includes Earnings Credits of less than 0.005% for each of the years ended October 31, 2013 and October 31, 2012, which is not included in the contractual expense limitation.

(j) Ratios of expenses and net investment income to average net assets include advisory fee waiver of less than 0.005% for the year ended October 31, 2012.

See accompanying Notes to Financial Statements.

128

Aston Funds

ASTON/Lake Partners LASSO Alternatives Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.81		$	13.69		$	13.38		$	12.42		$	11.97		$	11.98
Income from Investment Operations:
Net investment income (loss)		0.07	(a)		(0.01	)(a)		(0.04	)(a)		0.03	(a)		0.07	(a)		0.02	(a)
Net realized and unrealized gain (loss) on investments		(0.26	)		(0.33	)(b)		0.51	(b)		1.11			0.59			0.13
Total from investment operations		(0.19	)		(0.34	)		0.47			1.14			0.66			0.15
Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		(0.04	)		(0.12	)		(0.18	)		(0.21	)		(0.09	)
Distributions from net realized gain on investments		(0.80	)		(0.50	)		(0.04	)		—			—			(0.07	)
Total distributions		(0.83	)		(0.54	)		(0.16	)		(0.18	)		(0.21	)		(0.16	)
Net increase (decrease) in net asset value		(1.02	)		(0.88	)		0.31			0.96			0.45			(0.01	)
Net Asset Value, End of Period	$	11.79		$	12.81		$	13.69		$	13.38		$	12.42		$	11.97
Total Return (c)		(1.50	)%(d)		(2.62	)%		3.56	%		9.31	%		5.56	%		1.22	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	92,690		$	169,072		$	477,157		$	416,475		$	253,343		$	189,999
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (e)		1.25	%(f)		1.18	%(g)		1.16	%		1.18	%(h)		1.16	%(h)(i)		1.28	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser (e)		1.15	%(f)		1.16	%(g)		1.18	%		1.20	%(h)		1.20	%(h)(i)		1.20	%
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.01	%(f)		(0.08	)%		(0.26	)%		0.25	%		0.61	%(i)		0.08	%
After earnings credit, expense reimbursement and/or fee waiver, or recoupment by the Adviser		1.11	%(f)		(0.06	)%		(0.28	)%		0.22	%		0.57	%(i)		0.15	%
Portfolio Turnover		17.66	%(d)		72.73	%		45.91	%		43.55	%		45.60	%		79.77	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Includes capital contribution of less than $0.005 per share.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

(g) Effective February 28, 2015, the contractual expense limitation was decreased from 1.20% to 1.15%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

(h) Ratios of expenses to average net assets include Earnings Credits of less than 0.005% for each of the years ended October 31, 2013 and October 31, 2012, which is not included in the contractual expense limitation.

(i) Ratios of expenses and net investment income to average net assets include advisory fee waiver of less than 0.005% for the year ended October 31, 2012.

See accompanying Notes to Financial Statements.

129

Aston Funds

ASTON/River Road Long-Short Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Period Ended 10/31/11(a)
Net Asset Value, Beginning of Period	$	11.48		$	11.35		$	12.02		$	10.73		$	9.91		$	10.00
Income from Investment Operations:
Net investment loss		(0.08	)(b)		(0.14	)(b)		(0.19	)		(0.17	)(b)		(0.18	)		(0.04	)(b)
Net realized and unrealized gain (loss) on investments		(0.10	)		0.57			(0.19	)		2.02			1.00			(0.05	)
Total from investment operations		(0.18	)		0.43			(0.38	)		1.85			0.82			(0.09	)
Less Distributions:
Distributions from net realized gain on investments		(0.38	)		(0.30	)		(0.29	)		(0.56	)		—			—
Total distributions		(0.38	)		(0.30	)		(0.29	)		(0.56	)		—			—
Net increase (decrease) in net asset value		(0.56	)		0.13			(0.67	)		1.29			0.82			(0.09	)
Net Asset Value, End of Period	$	10.92		$	11.48		$	11.35		$	12.02		$	10.73		$	9.91
Total Return (c)		(1.60	)%(d)		3.79	%		(3.27	)%		18.14	%		8.17	%		(0.80	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	11,800		$	27,983		$	109,140		$	108,966		$	7,506		$	4,594
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		3.57	%(e)		2.87	%		2.53	%		2.54	%		5.03	%		8.68	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		3.36	%(e)		2.89	%		2.58	%		2.38	%		3.11	%		2.72	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, excluding interest and dividend expense for securities sold short		1.70	%(e)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(1.62	)%(e)		(1.16	)%		(1.55	)%		(1.62	)%		(3.63	)%		(6.80	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(1.41	)%(e)		(1.19	)%		(1.59	)%		(1.46	)%		(1.71	)%		(0.84	)%(e)
Portfolio Turnover		149.37	%(d)		278.88	%		303.04	%		291.36	%		277.72	%		127.32	%(d)

(a) The commencement of investment operations for River Road Long-Short Fund Class N shares was May 3, 2011.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

130

Aston Funds

ASTON/River Road Long-Short Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15				Year Ended 10/31/14			Period Ended 10/31/13(a)
Net Asset Value, Beginning of Period	$	11.56		$	11.40			$	12.05		$	10.96
Income from Investment Operations:
Net investment loss		(0.06	)(b)		(0.11	)(b)			(0.16	)		(0.10	)(b)
Net realized and unrealized gain (loss) on investments		(0.11	)		0.57				(0.20	)		1.19
							��
Total from investment operations		(0.17	)		0.46				(0.36	)		1.09
Less Distributions:
Distributions from net realized gain on investments		(0.38	)		(0.30	)			(0.29	)		—
Total distributions		(0.38	)		(0.30	)			(0.29	)		—
Net increase (decrease) in net asset value		(0.55	)		0.16				(0.65	)		1.09
Net Asset Value, End of Period	$	11.01		$	11.56			$	11.40		$	12.05
Total Return (c)		(1.50	)%(d)		4.04	%			(3.01	)%		9.85	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	31,371		$	49,088			$	110,271		$	71,175
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		3.32	%(e)		2.62	%			2.28	%		2.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, including interest and dividend expense for securities sold short		3.11	%(e)		2.64	%			2.33	%		2.10	%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser, excluding interest and dividend expense for securities sold short		1.45	%(e)		1.45	%			1.45	%		1.45	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		(1.37	)%(e)		(0.91	)%			(1.30	)%		(1.44	)%(e)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		(1.16	)%(e)		(0.94	)%			(1.34	)%		(1.33	)%(e)
Portfolio Turnover		149.37	%(d)		278.88	%			303.04	%		291.36	%(d)

(a) The commencement of investment operations for River Road Long-Short Fund Class I shares was March 1, 2013.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

131

Aston Funds

ASTON/Barings International Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	6.21		$	6.98		$	7.81		$	6.87		$	6.81		$	7.24
Income from Investment Operations:
Net investment income		0.04	(a)		0.05	(a)		0.14	(a)		0.11	(a)		0.10	(a)		0.07	(a)
Net realized and unrealized gain (loss) on investments		(0.29	)		0.20			(0.31	)		1.00			0.17			(0.37	)
Total from investment operations		(0.25	)		0.25			(0.17	)		1.11			0.27			(0.30	)
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		(0.14	)		(0.18	)		(0.09	)		(0.04	)		(0.13	)
Distributions from net realized gain on investments		(0.09	)		(0.88	)		(0.48	)		(0.08	)		(0.17	)		—
Total distributions		(0.14	)		(1.02	)		(0.66	)		(0.17	)		(0.21	)		(0.13	)
Net increase (decrease) in net asset value		(0.39	)		(0.77	)		(0.83	)		0.94			0.06			(0.43	)
Net Asset Value, End of Period	$	5.82		$	6.21		$	6.98		$	7.81		$	6.87		$	6.81
Total Return (b)		(4.06	)%(c)		4.47	%		(2.62	)%		16.64	%		4.28	%		(4.22	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	442		$	399		$	331		$	477		$	421		$	393
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.16	%(d)		2.11	%		1.95	%		1.67	%		1.60	%		1.68	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(d)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.49	%(d)		0.12	%		1.42	%		1.26	%		1.30	%		0.76	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.26	%(d)		0.83	%		1.97	%		1.53	%		1.50	%		1.04	%(e)
Portfolio Turnover		8.89	%(c)		37.56	%		53.14	%		55.78	%		33.48	%		58.96	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) For the period November 1, 2010 through February 28, 2011, the Adviser voluntarily waived management fees and/or reimbursed expenses so that the net expense ratio did not exceed 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses. Effective March 1, 2011, the expense limitation became contractual and was decreased from 1.50% to 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

132

Aston Funds

ASTON/Barings International Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	6.22		$	6.99		$	7.82		$	6.89		$	6.82		$	7.26
Income from Investment Operations:
Net investment income		0.04	(a)		0.07	(a)		0.16	(a)		0.13	(a)		0.12	(a)		0.09	(a)
Net realized and unrealized gain (loss) on investments		(0.28	)		0.20			(0.31	)		0.99			0.18			(0.38	)
Total from investment operations		(0.24	)		0.27			(0.15	)		1.12			0.30			(0.29	)
Less Distributions:
Distributions from and in excess of net investment income		(0.07	)		(0.16	)		(0.20	)		(0.11	)		(0.06	)		(0.15	)
Distributions from net realized gain on investments		(0.09	)		(0.88	)		(0.48	)		(0.08	)		(0.17	)		—
Total distributions		(0.16	)		(1.04	)		(0.68	)		(0.19	)		(0.23	)		(0.15	)
Net increase (decrease) in net asset value		(0.40	)		(0.77	)		(0.83	)		0.93			0.07			(0.44	)
Net Asset Value, End of Period	$	5.82		$	6.22		$	6.99		$	7.82		$	6.89		$	6.82
Total Return (b)		(3.95	)%(c)		4.78	%		(2.37	)%		16.72	%		4.72	%		(4.09	)%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	19,543		$	20,338		$	21,260		$	37,507		$	61,662		$	52,390
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.91	%(d)		1.86	%		1.70	%		1.42	%		1.35	%		1.43	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(d)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.74	%(d)		0.37	%		1.67	%		1.51	%		1.55	%		1.01	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.51	%(d)		1.08	%		2.22	%		1.78	%		1.75	%		1.29	%(e)
Portfolio Turnover		8.89	%(c)		37.56	%		53.14	%		55.78	%		33.48	%		58.96	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) For the period November 1, 2010 through February 28, 2011, the Adviser voluntarily waived management fees and/or reimbursed expenses so that the net expense ratio did not exceed 1.15%, excluding interest, taxes, investment related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses. Effective March 1, 2011, the expense limitation became contractual and was decreased from 1.25% to 1.15%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

See accompanying Notes to Financial Statements.

133

Aston Funds

ASTON/Guardian Capital Global Dividend Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	10.30		$	10.51		$	10.00
Income from Investment Operations:
Net investment income		0.12	(b)		0.24			0.13
Net realized and unrealized gain (loss) on investments		(0.25	)		(0.23	)		0.49
Total from investment operations		(0.13	)		0.01			0.62
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.22	)		(0.11	)
Total Distributions		(0.13	)		(0.22	)		(0.11	)
Net increase (decrease) in net asset value		(0.26	)		(0.21	)		0.51
Net Asset Value, End of Period	$	10.04		$	10.30		$	10.51
Total Return (c)		(1.31	)%(d)		0.07	%		6.17	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,036		$	1,054		$	1,052
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.68	%(e)		4.10	%		5.21	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.30	%(e)		1.30	%		1.30	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(0.09	)%(e)		(0.53	)%		(1.74	)%(e)
After expense reimbursement and/or fee waiver by Adviser		2.29	%(e)		2.28	%		2.17	%(e)
Portfolio Turnover		24.77	%(d)		28.46	%		15.97	%(d)

(a) The commencement of investment operations for Guardian Capital Global Dividend Fund Class N shares was April 11, 2014.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

134

Aston Funds

ASTON/Guardian Capital Global Dividend Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	10.28		$	10.52		$	10.00
Income from Investment Operations:
Net investment income		0.13	(b)		0.27			0.14
Net realized and unrealized gain (loss) on investments		(0.24	)		(0.25	)		0.50
Total from investment operations		(0.11	)		0.02			0.64
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.26	)		(0.12	)
Total Distributions		(0.14	)		(0.26	)		(0.12	)
Net increase (decrease) in net asset value		(0.25	)		(0.24	)		0.52
Net Asset Value, End of Period	$	10.03		$	10.28		$	10.52
Total Return (c)		(1.10	)%(d)		0.14	%		6.39	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,230		$	3,292		$	3,211
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		3.43	%(e)		3.85	%		4.96	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.05	%(e)		1.05	%		1.05	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.16	%(e)		(0.28	)%		(1.49	)%(e)
After expense reimbursement and/or fee waiver by Adviser		2.54	%(e)		2.52	%		2.42	%(e)
Portfolio Turnover		24.77	%(d)		28.46	%		15.97	%(d)

(a) The commencement of investment operations for Guardian Capital Global Dividend Fund Class I shares was April 11, 2014.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

135

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Period Ended  10/31/13(a)
Net Asset Value, Beginning of Period	$	7.88		$	9.55		$	9.65		$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)		0.09	(b)		0.11			0.08	(b)
Net realized and unrealized loss on investments		(0.24	)		(1.71	)		(0.07	)		(0.43	)
Total from investment operations		(0.23	)		(1.62	)		0.04			(0.35	)
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.05	)		(0.14	)		—
Total distributions		(0.08	)		(0.05	)		(0.14	)		—
Net decrease in net asset value		(0.31	)		(1.67	)		(0.10	)		(0.35	)
Net Asset Value, End of Period	$	7.57		$	7.88		$	9.55		$	9.65
Total Return (c)		(2.83	)%(d)		(17.02	)%		0.49	%		(3.50	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	590		$	605		$	725		$	675
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		10.18	%(e)		6.27	%		5.96	%		7.24	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.43	%(e)		1.43	%		1.57	%		1.65	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(8.59	)%(e)		(3.79	)%		(3.24	)%		(4.13	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.16	%(e)		1.05	%		1.15	%		1.46	%(e)
Portfolio Turnover		29.11	%(d)		64.35	%		63.48	%		101.96	%(d)

(a) The commencement of investment operations for LMCG Emerging Markets Fund Class N shares was March 27, 2013.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

136

Aston Funds

ASTON/LMCG Emerging Markets Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Period Ended 10/31/13 (a)
Net Asset Value, Beginning of Period	$	7.91		$	9.58		$	9.67		$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)		0.12	(b)		0.14			0.10	(b)
Net realized and unrealized loss on investments		(0.23	)		(1.72	)		(0.07	)		(0.43	)
Total from investment operations		(0.22	)		(1.60	)		0.07			(0.33	)
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.07	)		(0.16	)		—
Total distributions		(0.10	)		(0.07	)		(0.16	)		—
Net decrease in net asset value		(0.32	)		(1.67	)		(0.09	)		(0.33	)
Net Asset Value, End of Period	$	7.59		$	7.91		$	9.58		$	9.67
Total Return (c)		(2.67	)%(d)		(16.77	)%		0.79	%		(3.30	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	819		$	1,449		$	3,188		$	3,307
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		9.93	%(e)		6.02	%		5.71	%		6.99	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.18	%(e)		1.18	%		1.33	%		1.40	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(8.34	)%(e)		(3.54	)%		(2.99	)%		(3.88	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.41	%(e)		1.30	%		1.40	%		1.71	%(e)
Portfolio Turnover		29.11	%(d)		64.35	%		63.48	%		101.96	%(d)

(a) The commencement of investment operations for LMCG Emerging Markets Fund Class I shares was March 27, 2013.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

137

Aston Funds

ASTON/Pictet International Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.56		$	9.34		$	10.00
Income from Investment Operations:
Net investment income		0.10	(b)		0.10	(b)		0.09
Net realized and unrealized gain (loss) on investments		(0.09	)		0.17	(c)		(0.75	)
Total from investment operations		0.01			0.27			(0.66	)
Less Distributions:
Distributions from and in excess of net investment income		(0.02	)		(0.03	)		—
Distributions from net realized gain on investments		(0.06	)		(0.02	)		—
Total distributions		(0.08	)		(0.05	)		—
Net increase (decrease) in net asset value		(0.07	)		0.22			(0.66	)
Net Asset Value, End of Period	$	9.49		$	9.56		$	9.34
Total Return (d)		0.15	%(c)(e)		3.02	%		(6.60	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	142		$	1,056		$	984
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.33	%(f)		1.92	%		3.26	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.40	%(f)		1.40	%		1.40	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		2.29	%(f)		0.53	%		(0.25	)%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		2.22	%(f)		1.06	%		1.61	%(f)
Portfolio Turnover		26.73	%(e)		53.26	%		25.82	%(e)

(a) The commencement of investment operations for Pictet International Fund Class N shares was April 11, 2014.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Includes capital contribution of $0.01 per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

See accompanying Notes to Financial Statements.

138

Aston Funds

ASTON/Pictet International Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.60		$	9.36		$	10.00
Income from Investment Operations:
Net investment income		0.11	(b)		0.12	(b)		0.10
Net realized and unrealized gain (loss) on investments		(0.10	)		0.19	(c)		(0.74	)
Total from investment operations		0.01			0.31			(0.64	)
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.05	)		—
Distributions from net realized gain on investments		(0.06	)		(0.02	)		—
Total distributions		(0.10	)		(0.07	)		—
Net increase (decrease) in net asset value		(0.09	)		0.24			(0.64	)
Net Asset Value, End of Period	$	9.51		$	9.60		$	9.36
Total Return (d)		0.20	%(c)(e)		3.43	%		(6.40	)%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	900,225		$	49,803		$	8,467
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		1.08	%(f)		1.67	%		3.01	%(f)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		1.15	%(f)		1.15	%		1.15	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment by Adviser		2.54	%(f)		0.78	%		0	%(f)(g)
After expense reimbursement and/or fee waiver, or recoupment by Adviser		2.47	%(f)		1.31	%		1.86	%(f)
Portfolio Turnover		26.73	%(e)		53.26	%		25.82	%(e)

(a) The commencement of investment operations for Pictet International Fund Class I shares was April 11, 2014.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) Includes capital contribution of $0.01 per share.

(d) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(e) Not annualized.

(f) Annualized.

(g) Represents less than 0.005%.

See accompanying Notes to Financial Statements.

139

Aston Funds

ASTON/Value Partners Asia Dividend Fund – Class N	April 30, 2016
Financial Highlights

	Period Ended 04/30/16(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.02	(b)
Net realized and unrealized gain on investments		0.12
Total from investment operations		0.14
Net increase in net asset value		0.14
Net Asset Value, End of Period	$	10.14
Total Return (c)		1.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	761
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		4.57	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.40	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.57	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.60	%(e)
Portfolio Turnover		18.12	%(d)

(a) The commencement of investment operations for Value Partners Asia Dividend Fund Class N shares was December 16, 2015.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

140

Aston Funds

ASTON/Value Partners Asia Dividend Fund – Class I	April 30, 2016
Financial Highlights

	Period Ended 04/30/16(a) (unaudited)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net investment income		0.03	(b)
Net realized and unrealized gain on investments		0.12
Total from investment operations		0.15
Net increase in net asset value		0.15
Net Asset Value, End of Period	$	10.15
Total Return (c)		1.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,854
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		4.32	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		(2.32	)%(e)
After expense reimbursement and/or fee waiver by Adviser		0.85	%(e)
Portfolio Turnover		18.12	%(d)

(a) The commencement of investment operations for Value Partners Asia Dividend Fund Class I shares was December 16, 2015.

(b) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

See accompanying Notes to Financial Statements.

141

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.78		$	12.63		$	11.29		$	10.49		$	8.97		$	8.16
Income from Investment Operations:
Net investment income		0.08	(a)		0.17	(a)		0.10	(a)		0.17	(a)		0.15	(a)		0.15	(a)
Net realized and unrealized gain on investments		0.62			0.13			1.37			0.79	(b)		1.44			0.79
Total from investment operations		0.70			0.30			1.47			0.96			1.59			0.94
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.15	)		(0.13	)		(0.16	)		(0.07	)		(0.13	)
Total distributions		(0.15	)		(0.15	)		(0.13	)		(0.16	)		(0.07	)		(0.13	)
Net increase in net asset value .		0.55			0.15			1.34			0.80			1.52			0.81
Net Asset Value, End of Period	$	13.33		$	12.78		$	12.63		$	11.29		$	10.49		$	8.97
Total Return (c)		5.48	%(d)		2.38	%		13.19	%		9.30	%		17.85	%		11.66	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	9,728		$	10,408		$	12,852		$	13,093		$	10,381		$	6,287
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.39	%(e)		2.20	%		2.16	%		2.22	%		2.36	%		1.61	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.37	%(e)		1.37	%		1.37	%		1.37	%		1.37	%		1.29	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.24	%(e)		0.51	%		0.08	%		0.67	%		0.53	%		1.36	%
After expense reimbursement and/or fee waiver by Adviser		1.26	%(e)		1.34	%		0.87	%		1.52	%		1.52	%		1.68	%
Portfolio Turnover		41.94	%(d)		150.16	%		162.93	%		159.14	%		86.62	%(g)		143.86	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Includes capital contribution of less than $0.005 per share.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit as discussed in Note H to the Financial Statements.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

142

Aston Funds

ASTON/Harrison Street Real Estate Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	12.72		$	12.57		$	11.24		$	10.44		$	8.92		$	8.12
Income from Investment Operations:
Net investment income		0.10	(a)		0.20	(a)		0.13	(a)		0.20	(a)		0.15	(a)		0.16	(a)
Net realized and unrealized gain on investments		0.61			0.14			1.35			0.79	(b)		1.46			0.79
Total from investment operations		0.71			0.34			1.48			0.99			1.61			0.95
Less Distributions:
Distributions from and in excess of net investment income		(0.18	)		(0.19	)		(0.15	)		(0.19	)		(0.09	)		(0.15	)
Total distributions		(0.18	)		(0.19	)		(0.15	)		(0.19	)		(0.09	)		(0.15	)
Net increase in net asset value .		0.53			0.15			1.33			0.80			1.52			0.80
Net Asset Value, End of Period	$	13.25		$	12.72		$	12.57		$	11.24		$	10.44		$	8.92
Total Return (c)		5.60	%(d)		2.65	%		13.45	%		9.58	%		18.16	%		11.82	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	516		$	507		$	732		$	532		$	166		$	32,925
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		2.14	%(e)		1.95	%		1.91	%		1.97	%		2.11	%		1.44	%(f)
After expense reimbursement and/or fee waiver by Adviser		1.12	%(e)		1.12	%		1.12	%		1.12	%		1.12	%		1.12	%(f)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.49	%(e)		0.76	%		0.33	%		0.92	%		0.78	%		1.53	%
After expense reimbursement and/or fee waiver by Adviser		1.51	%(e)		1.59	%		1.12	%		1.77	%		1.77	%		1.85	%
Portfolio Turnover		41.94	%(d)		150.16	%		162.93	%		159.14	%		86.62	%(g)		143.86	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) Includes capital contribution of less than $0.005 per share.

(c) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2011, which is not included in the contractual expense limitation. The interest expense is a result of utilizing the line of credit as discussed in Note H to the Financial Statements.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

See accompanying Notes to Financial Statements.

143

Aston Funds

ASTON/Montag & Caldwell Balanced Fund – Class N	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	23.83		$	24.68		$	23.81		$	21.46		$	20.09		$	19.13
Income from Investment Operations:
Net investment income		0.05	(a)		0.10	(a)		0.12	(a)		0.21	(a)		0.16	(a)		0.15	(a)
Net realized and unrealized gain (loss) on investments		(0.13	)		1.31			1.70			2.43			1.45			1.03
Total from investment operations		(0.08	)		1.41			1.82			2.64			1.61			1.18
Less Distributions:
Distributions from and in excess of net investment income		(0.07	)		(0.18	)		(0.21	)		(0.29	)		(0.24	)		(0.22	)
Distributions from net realized gain on investments		(1.04	)		(2.08	)		(0.74	)		—			—			—
Total distributions		(1.11	)		(2.26	)		(0.95	)		(0.29	)		(0.24	)		(0.22	)
Net increase (decrease) in net asset value.		(1.19	)		(0.85	)		0.87			2.35			1.37			0.96
Net Asset Value, End of Period	$	22.64		$	23.83		$	24.68		$	23.81		$	21.46		$	20.09
Total Return (b)		(0.38	)%(c)		6.01	%		7.83	%		12.40	%		8.03	%		6.20	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	37,151		$	26,607		$	20,446		$	22,425		$	31,536		$	23,315
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.29	%(d)		1.44	%		1.43	%		1.37	%		1.42	%		1.57	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.20	%(d)		1.20	%		1.20	%		1.20	%		1.22	%		1.35	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.32	%(d)		0.19	%		0.26	%		0.77	%		0.57	%		0.53	%
After expense reimbursement and/or fee waiver by Adviser		0.41	%(d)		0.43	%		0.50	%		0.94	%		0.77	%		0.76	%
Portfolio Turnover		23.46	%(c)		35.78	%		27.43	%		34.62	%		35.48	%		40.31	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2011, which is not included in the voluntary expense limitation. The interest expense is a result of utilizing the line of credit as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

144

Aston Funds

ASTON/Montag & Caldwell Balanced Fund – Class I	April 30, 2016
Financial Highlights

	Six Months Ended 04/30/16 (unaudited)			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12			Year Ended 10/31/11
Net Asset Value, Beginning of Period	$	23.75		$	24.60		$	23.76		$	21.41		$	20.05		$	19.08
Income from Investment Operations:
Net investment income		0.06	(a)		0.12	(a)		0.14	(a)		0.23	(a)		0.19	(a)		0.20	(a)
Net realized and unrealized gain (loss) on investments		(0.13	)		1.31			1.70			2.43			1.44			1.04
Total from investment operations		(0.07	)		1.43			1.84			2.66			1.63			1.24
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.20	)		(0.26	)		(0.31	)		(0.27	)		(0.27	)
Distributions from net realized gain on investments		(1.04	)		(2.08	)		(0.74	)		—			—			—
Total distributions		(1.12	)		(2.28	)		(1.00	)		(0.31	)		(0.27	)		(0.27	)
Net increase (decrease) in net asset value .		(1.19	)		(0.85	)		0.84			2.35			1.36			0.97
Net Asset Value, End of Period	$	22.56		$	23.75		$	24.60		$	23.76		$	21.41		$	20.05
Total Return (b)		(0.33	)%(c)		6.13	%		7.92	%		12.53	%		8.14	%		6.52	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,474		$	3,518		$	1,934		$	1,839		$	1,930		$	1,415
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		1.19	%(d)		1.34	%		1.33	%		1.27	%		1.30	%		1.32	%(e)
After expense reimbursement and/or fee waiver by Adviser		1.10	%(d)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver by Adviser		0.42	%(d)		0.29	%		0.36	%		0.87	%		0.69	%		0.79	%
After expense reimbursement and/or fee waiver by Adviser		0.51	%(d)		0.53	%		0.60	%		1.04	%		0.89	%		1.02	%
Portfolio Turnover		23.46	%(c)		35.78	%		27.43	%		34.62	%		35.48	%		40.31	%

(a) The selected per share data was calculated using the weighted average shares outstanding method for the period.

(b) The total return is calculated using the Net Asset Value used for trading at the close of business at period end.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the year ended October 31, 2011, which is not included in the voluntary expense limitation. The interest expense is a result of utilizing the line of credit as discussed in Note H to the Financial Statements.

See accompanying Notes to Financial Statements.

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Notes to Financial Statements (unaudited)

Note (A) Fund Organization: Aston Funds (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated September 10, 1993. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company with 27 separate portfolios (each, a “Fund”, and collectively, the “Funds”) as of April 30, 2016.

Aston Asset Management, LLC (“Aston” or the “Adviser”), the investment adviser and the administrator, manages each Fund by retaining one or more subadvisers (each, a “Subadviser”) to manage each Fund’s portfolio on a subadvisory basis. The following 27 funds of the Trust are included in these financial statements:

ASTON/Cornerstone Large Cap Value Fund
(the “Cornerstone Large Cap Value Fund”)

ASTON/Fairpointe Focused Equity Fund
(the “Fairpointe Focused Equity Fund”)

ASTON/River Road Focused Absolute Value Fund
(the “River Road Focused Absolute Value Fund”)

ASTON/Herndon Large Cap Value Fund
(the “Herndon Large Cap Value Fund”)

ASTON/Montag & Caldwell Growth Fund
(the “Montag & Caldwell Growth Fund”)

ASTON/River Road Dividend All Cap Value Fund
(the “River Road Dividend All Cap Value Fund”)

ASTON/River Road Dividend All Cap Value Fund II
(the “River Road Dividend All Cap Value Fund II”)

ASTON/Fairpointe Mid Cap Fund
(the “Fairpointe Mid Cap Fund”)

ASTON/Montag & Caldwell Mid Cap Growth Fund
(the “Montag & Caldwell Mid Cap Growth Fund”)

ASTON/LMCG Small Cap Growth Fund
(the “LMCG Small Cap Growth Fund”)

ASTON/River Road Independent Value Fund
(the “River Road Independent Value Fund”)

ASTON/River Road Select Value Fund
(the “River Road Select Value Fund”)

ASTON/River Road Small Cap Value Fund
(the “River Road Small Cap Value Fund”)

ASTON/Silvercrest Small Cap Fund
(the “Silvercrest Small Cap Fund”)

ASTON Small Cap Fund (the “Small Cap Fund”)
(formerly, ASTON/TAMRO Small Cap Fund)

ASTON/DoubleLine Core Plus Fixed Income Fund
(the “DoubleLine Core Plus Fixed Income Fund”)

ASTON/TCH Fixed Income Fund
(the “TCH Fixed Income Fund”)

ASTON/Anchor Capital Enhanced Equity Fund
(the “Anchor Capital Enhanced Equity Fund”)

ASTON/Lake Partners LASSO Alternatives Fund
(the “Lake Partners LASSO Alternatives Fund”)

ASTON/River Road Long-Short Fund
(the “River Road Long-Short Fund”)

Funds

ASTON/Barings International Fund
(the “Barings International Fund”)

ASTON/Guardian Capital Global Dividend Fund
(the “Guardian Capital Global Dividend Fund”)

ASTON/LMCG Emerging Markets Fund
(the “LMCG Emerging Markets Fund”)

ASTON/Pictet International Fund
(the “Pictet International Fund”)

ASTON/Value Partners Asia Dividend Fund
(the “Value Partners Asia Dividend Fund”)

ASTON/Harrison Street Real Estate Fund

(the “Harrison Street Real Estate Fund”)

ASTON/Montag & Caldwell Balanced Fund
(the “Montag & Caldwell Balanced Fund”)

Each Fund, except Montag & Caldwell Growth Fund, is authorized to issue two classes of shares (Class N shares and Class I shares). Montag & Caldwell Growth Fund is authorized to issue three classes of shares (Class N shares, Class I shares and Class R shares). Each class of shares is substantially the same except that certain classes of shares bear class specific expenses that include distribution and services fees.

The investment objectives of the Funds are as follows:

Cornerstone Large Cap Value Fund

Total return through long-term capital appreciation and current income.

Fairpointe Focused Equity Fund

Long-term total return through capital appreciation.

River Road Focused Absolute Value Fund

Long-term capital appreciation.

Herndon Large Cap Value Fund

Long-term capital appreciation.

Montag & Caldwell Growth Fund

Long-term capital appreciation, and secondarily, current income, by investing primarily in common stocks and convertible securities.

River Road Dividend All Cap Value Fund

High current income, and secondarily, long-term capital appreciation.

River Road Dividend All Cap Value Fund II

Long-term capital appreciation and high current income.

Fairpointe Mid Cap Fund

Long-term total return through capital appreciation by investing primarily in common and preferred stocks and convertible securities.

Montag & Caldwell Mid Cap Growth Fund

Long-term capital appreciation, and secondarily, current income, by investing primarily in common stocks and convertible securities.

LMCG Small Cap Growth Fund

Long-term capital appreciation.

River Road Independent Value Fund

Long-term total return.

River Road Select Value Fund

Long-term capital appreciation.

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Notes to Financial Statements (unaudited) – continued

River Road Small Cap Value Fund

Long-term capital appreciation.

Silvercrest Small Cap Fund

Long-term capital appreciation.

Small Cap Fund

Long-term capital appreciation.

DoubleLine Core Plus Fixed Income Fund

Maximize total return.

TCH Fixed Income Fund

High current income consistent with prudent risk of capital.

Anchor Capital Enhanced Equity Fund

Total return through a combination of a high level of current income and capital appreciation.

Lake Partners LASSO Alternatives Fund

Long term total return with reduced correlation to the conventional stock and bond markets.

River Road Long-Short Fund

Absolute return while minimizing volatility over a full market cycle.

Barings International Fund

Total return.

Guardian Capital Global Dividend Fund

Long-term capital appreciation and current income.

LMCG Emerging Markets Fund

Long-term capital appreciation.

Pictet International Fund

Capital appreciation.

Value Partners Asia Dividend Fund

Capital appreciation and current income.

Harrison Street Real Estate Fund

Total return through a combination of growth and income.

Montag & Caldwell Balanced Fund

Long-term total return.

Note (B) Summary of Significant Accounting Policies: The following is a summary of the significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.

(1) Valuation of Investments: Equity securities, closed-end funds, exchange-traded funds, index options traded on a national securities exchange, and over-the-counter securities listed on the NASDAQ National Market System are valued at the last sale price or the NASDAQ Official Closing Price (“NOCP”), if applicable. If no last sale price or NOCP, if applicable, is reported, the last quoted bid price may be used. Fixed income securities, except short-term investments, are valued on the basis of mean prices provided by an independent pricing service when such prices are believed by the Adviser to reflect the current market value of such securities, in accordance with guidelines adopted by the Board of Trustees of the Trust (the “Board”). The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations, or other techniques. Such techniques generally consider factors such as composite security prices, yields, maturities, call features, credit

ratings and developments relating to specific securities, in arriving at valuations. If accurate market quotations are not available, securities are valued at fair values in accordance with guidelines adopted by the Board. Short-term investments, that is, those with maturities of 60 days or less, are valued at amortized cost, which approximates fair market value. Repurchase agreements are valued at cost. Investments in money market funds and other mutual funds are valued at the net asset value (“NAV”) at the date of valuation. Foreign equity securities are valued at the last official closing price on the primary exchange where the security is traded. With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in a Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

Fair Value Measurements - The inputs and valuation techniques used to measure fair value of the Funds’ net assets are summarized into three levels as described in the hierarchy below:

• Level 1 –	unadjusted quoted prices in active markets for identical assets or liabilities
• Level 2 –	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 –	significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

147

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Notes to Financial Statements (unaudited) – continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out of the levels are recognized at the market value at the end of the period. The summary of each Fund’s investments that are measured at fair value by Level within the fair value hierarchy as of April 30, 2016 is as follows:

Funds	Total Value		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Cornerstone Large Cap Value Fund
Assets
Investments in Securities*	$	80,917,986	$	80,917,986	$	—	$	—
Fairpointe Focused Equity Fund
Assets
Investments in Securities*	$	6,718,757	$	6,718,757	$	—	$	—
River Road Focused Absolute Value Fund
Assets
Investments in Securities*	$	7,973,924	$	7,973,924	$	—	$	—
Herndon Large Cap Value Fund
Assets
Investments in Securities*	$	86,504,142	$	86,504,142	$	—	$	—
Montag & Caldwell Growth Fund
Assets
Investments in Securities*	$	1,609,904,757	$	1,609,904,757	$	—	$	—
River Road Dividend All Cap Value Fund
Assets
Investments in Securities*	$	709,714,325	$	709,714,325	$	—	$	—
River Road Dividend All Cap Value Fund II
Assets
Investments in Securities*	$	118,456,912	$	118,456,912	$	—	$	—
Fairpointe Mid Cap Fund
Assets
Investments in Securities*	$	3,807,937,628	$	3,807,937,628	$	—	$	—
Montag & Caldwell Mid Cap Growth Fund
Assets
Investments in Securities*	$	10,596,467	$	10,596,467	$	—	$	—
LMCG Small Cap Growth Fund
Assets
Consumer Discretionary	$	25,934,506	$	25,934,506	$	—	$	—
Consumer Staples		5,974,351		5,974,351		—		—
Financials		4,506,934		4,506,934		—		—
Healthcare		43,895,841		43,895,841		—		—
Industrials		13,780,145		13,780,145		—		—
Information Technology		45,633,876		45,633,876		—		—
Materials		6,662,338		6,662,338		—		—
Telecommunication Services		1,978,541		1,978,541		—		—
Rights		996		—		—		996
Investment Company*		1,964,356		1,964,356		—		—
Total	$	150,331,884	$	150,330,888	$	—	$	996
River Road Independent Value Fund
Assets
Investments in Securities*	$	400,085,991	$	400,085,991	$	—	$	—
River Road Select Value Fund
Assets
Investments in Securities*	$	46,173,165	$	46,173,165	$	—	$	—

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Notes to Financial Statements (unaudited) – continued

Funds	Total Value			Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
River Road Small Cap Value Fund
Assets
Common Stocks
Consumer Discretionary	$	55,112,276		$	50,317,262		$	4,795,014	$	—
Consumer Staples		8,135,515			8,135,515			—		—
Energy		12,882,662			9,644,682			3,237,980		—
Financials		46,492,687			46,492,687			—		—
Healthcare		8,179,707			8,179,707			—		—
Industrials		65,606,842			65,606,842			—		—
Information Technology		39,163,957			34,262,365			4,901,592		—
Telecommunication Services		6,037,603			6,037,603			—		—
Total Common Stocks		241,611,249			228,676,663			12,934,586		—
Investment Company*		15,210,777			15,210,777			—		—
Total	$	256,822,026		$	243,887,440		$	12,934,586	$	—
Silvercrest Small Cap Fund
Assets
Investments in Securities*	$	177,103,182		$	177,103,182		$	—	$	—
Small Cap Fund
Assets
Investments in Securities*	$	109,848,467		$	109,848,467		$	—	$	—
DoubleLine Core Plus Fixed Income Fund
Assets
Corporate Notes and Bonds**	$	206,842,379		$	—		$	206,842,379	$	—
Collateralized Mortgage and Asset-Backed Securities		94,059,089			—			94,059,089		—
U.S. Government and Agency Obligations**		300,631,757			—			300,631,757		—
Other Mortgage and Asset-Backed Securities		45,777,293			—			45,777,293		—
Municipal Bonds		1,212,665			—			1,212,665		—
Foreign Government Bonds and Notes		3,636,450			—			3,636,450		—
Investment Companies*		66,725,927			66,725,927			—		—
Total	$	718,885,560		$	66,725,927		$	652,159,633	$	—
TCH Fixed Income Fund
Assets
Corporate Notes and Bonds**	$	16,363,717		$	—		$	16,363,717	$	—
U.S. Government and Agency Obligations**		21,202,055			—			21,202,055		—
Commercial Mortgage-Backed Security		274,458			—			274,458		—
Foreign Government Bond		468,125			—			468,125		—
Investment Company*		1,093,027			1,093,027			—		—
Total	$	39,401,382		$	1,093,027		$	38,308,355	$	—
Anchor Capital Enhanced Equity Fund
Assets
Common Stocks*	$	106,255,670		$	106,255,670		$	—	$	—
Purchased Options		1,280,000			1,280,000			—		—
Investment Company*		2,007,042			2,007,042			—		—
Total Assets		109,542,712			109,542,712			—		—
Liabilities
Written Options		(5,340,533	)		(5,340,533	)		—		—
Total Liabilities		(5,340,533	)		(5,340,533	)		—		—
Total	$	104,202,179		$	104,202,179		$	—	$	—
Lake Partners LASSO Alternative Fund
Assets
Investments in Securities*	$	129,320,873		$	129,320,873		$	—	$	—

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Notes to Financial Statements (unaudited) – continued

Funds	Total Value			Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
River Road Long-Short Fund
Assets
Investments in Securities*	$	61,546,106		$	61,546,106		$	—	$	—
Total Assets		61,546,106			61,546,106			—		—
Liabilities
Common Stocks*		(14,460,451	)		(14,460,451	)		—		—
Total Liabilities		(14,460,451	)		(14,460,451	)		—		—
Total	$	47,085,655		$	47,085,655		$	—	$	—
Barings International Fund
Assets
Common Stocks
Australia	$	819,941		$	—		$	819,941	$	—
Belgium		168,801			—			168,801		—
China		130,044			—			130,044		—
France		1,764,451			—			1,764,451		—
Germany		2,230,422			—			2,230,422		—
Hong Kong		283,670			—			283,670		—
Japan		5,013,926			36,945			4,976,981		—
Netherlands		1,902,106			284,370			1,617,736		—
Spain		361,065			—			361,065		—
Sweden		363,911			—			363,911		—
Switzerland		1,352,352			—			1,352,352		—
Taiwan		325,542			325,542			—		—
United Kingdom		4,708,320			—			4,708,320		—
Total Common Stocks		19,424,551			646,857			18,777,694		—
Investment Company*		405,382			405,382			—		—
Total	$	19,829,933		$	1,052,239		$	18,777,694	$	—
Guardian Capital Global Dividend Fund
Assets
Common Stocks
Australia	$	159,154		$	—		$	159,154	$	—
Belgium		124,291			81,959			42,332		—
Bermuda		29,590			29,590			—		—
Canada		41,125			41,125			—		—
Finland		40,159			—			40,159		—
France		244,787			—			244,787		—
Germany		216,429			—			216,429		—
Ireland		74,271			74,271			—		—
Israel		87,048			37,843			49,205		—
Netherlands		70,193			70,193			—		—
New Zealand		47,128			—			47,128		—
Norway		93,772			93,772			—		—
Singapore		36,729			36,729			—		—
Spain		89,559			—			89,559		—
Switzerland		209,062			13,523			195,539		—
United Kingdom		571,502			107,716			463,786		—
United States		2,110,758			2,110,758			—		—
Total Common Stocks		4,245,557			2,697,479			1,548,078		—
Investment Company*		21,253			21,253			—		—
Total	$	4,266,810		$	2,718,732		$	1,548,078	$	—

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Funds	Total Value		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
LMCG Emerging Markets Fund
Assets
Common Stocks
Bermuda	$	8,465	$	—	$	8,465	$	—
Brazil		181,321		181,321		—		—
Cayman Islands		68,344		9,310		59,034		—
China		271,566		—		271,566		—
Egypt		9,001		—		9,001		—
Hong Kong		114,064		—		114,064		—
Hungary		26,467		—		26,467		—
India		84,445		84,445		—		—
Indonesia		12,973		—		12,973		—
Malaysia		32,838		16,096		16,742		—
Mexico		98,613		98,613		—		—
Poland		42,234		—		42,234		—
Russia		76,975		36,770		40,205		—
South Africa		98,272		—		98,272		—
South Korea		396,269		12,689		383,580		—
Taiwan		239,700		—		239,700		—
Thailand		21,463		—		21,463		—
Turkey		122,242		—		122,242		—
United Kingdom		12,636		—		12,636		—
Total Common Stocks		1,917,888		439,244		1,478,644		—
Exchange Traded Funds		88,888		88,888		—		—
Investment Company*		33,388		33,388		—		—
Total	$	2,040,164	$	561,520	$	1,478,644	$	—
Pictet International Fund
Assets
Common Stocks
Australia	$	37,874,685	$	—	$	37,874,685	$	—
Austria		10,070,131		—		10,070,131		—
Belgium		33,759,717		—		33,759,717		—
Bermuda		10,147,886		—		10,147,886		—
Cayman Islands		36,658,928		—		36,658,928		—
Denmark		5,848,549		—		5,848,549		—
Finland		20,504,798		—		20,504,798		—
France		84,645,572		—		84,645,572		—
Germany		13,763,973		—		13,763,973		—
Hong Kong		10,694,998		—		10,694,998		—
Italy		19,605,754		—		19,605,754		—
Japan		183,393,030		21,600,204		161,792,826		—
Luxembourg		13,875,210		—		13,875,210		—
Netherlands		65,370,686		—		65,370,686		—
New Zealand		5,854,826		—		5,854,826		—
Papua New Guinea		5,799,309		5,799,309		—		—
Philippines		1,119,920		—		1,119,920		—
South Korea		17,271,704		9,747,454		7,524,250		—
Spain		60,902,234		—		60,902,234		—
Sweden		19,011,639		9,514,789		9,496,850		—
Switzerland		54,435,100		23,678,247		30,756,853		—
United Kingdom		156,287,375		27,203,751		129,083,624		—
Total Common Stocks		866,896,024		97,543,754		769,352,270		—
Investment Company*		28,935,213		28,935,213		—		—
Total	$	895,831,237	$	126,478,967	$	769,352,270	$	—

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Notes to Financial Statements (unaudited) – continued

Funds	Total Value		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Value Partners Asia Dividend Fund
Assets
Common Stocks
China	$	2,307,107	$	—	$	2,307,107	$	—
Hong Kong		1,990,551		68,394		1,922,157		—
Indonesia		152,528		—		152,528		—
Japan		39,594		—		39,594		—
Singapore		720,223		—		720,223		—
South Korea		749,958		—		749,958		—
Taiwan		200,075		—		200,075		—
Thailand		184,459		—		184,459		—
United Kingdom		106,505		—		106,505		—
Total Common Stocks		6,451,000		68,394		6,382,606		—
Preferred Stock
South Korea		377,269		—		377,269		—
Warrants
China		288,258		—		288,258		—
Singapore		1,980		1,980		—		—
Total Warrants		290,238		1,980		288,258		—
Total	$	7,118,507	$	70,374	$	7,048,133	$	—
Harrison Street Real Estate Fund
Assets
Investments in Securities*	$	10,250,006	$	10,250,006	$	—	$	—
Montag & Caldwell Balanced Fund
Assets
Common Stocks*	$	23,345,715	$	23,345,715	$	—	$	—
Corporate Notes and Bonds**		9,998,929		—		9,998,929		—
U.S. Government and Agency Obligations**		5,408,714		—		5,408,714		—
Investment Company*		1,489,226		1,489,226		—		—
Total	$	40,242,584	$	24,834,941	$	15,407,643	$	—

* All Common Stocks and Investment Company are Level 1. Please refer to the respective Schedule of Investments for industry, sector or country breakout.

** All corporate notes and bonds and U.S. government and agency obligations held in the Funds are Level 2 securities. For a detailed breakout of the corporate notes and bonds and U.S. government and agency obligations; by major industry or agency classification, please refer to the respective Schedule of Investments.

At the end of each fiscal quarter, management evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at a quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair values of investments that do not have readily available market values, the fair values of the Funds’ investments may fluctuate from period to period. Additionally, the fair values of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize upon the disposition of such investments. Further, such investments may be subject to legal and other restrictions on resale or they may be otherwise less liquid than publicly-traded securities.

Certain securities that were held at April 30, 2016 and since the beginning of the fiscal year in Barings International Fund, River Road Small Cap Value Fund, LMCG Emerging Market

Fund, and Pictet International Fund had changes in liquidity assessments which resulted in a transfer between Levels. Transfers between Levels, if any, are recognized as of the last day of the fiscal quarter in which the event or change in circumstances that resulted in reclassification occurred.

Funds	Transfer from Level 1 to Level 2		Transfer from Level 2 to Level 1
Barings International Fund	$	216,698	$	—
River Road Small Cap Value		2,826,269		3,340,022
LMCG Emerging Markets Fund		8,408		16,096
Pictet International Fund		13,584,647		7,992,608

As of April 30, 2016, there were no Level 3 securities for which significant unobservable inputs or Adviser assumptions used in determining fair value except for LMCG Small Cap Growth Fund, which received rights at no cost as a result of a corporate action.

(2) Investment Companies: Certain Funds invest in securities of other investment companies, including open-end funds, closed-end funds and exchange-traded funds (“ETFs”). Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are

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investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter. An ETF is an investment company. Typically, an ETF seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index; however, some ETFs are actively managed. ETFs are traded on securities exchanges based on their market values. The risks of investment in other investment companies typically reflect the risks of the types of securities in which investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their NAV per share. When a Fund invests in another investment company, shareholders of the Fund bear their proportionate shares of the other investment company’s fees and expenses, including operating, registration, trustee, licensing and marketing, as well as their shares of the Fund’s fees and expenses.

(3) Repurchase Agreements: Each Fund may enter into repurchase agreements with financial institutions deemed to be creditworthy by the Fund’s Adviser or Subadviser, subject to the seller’s agreement to repurchase and the Fund’s agreement to sell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the Fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Fund has the right to sell the underlying securities at market value and may claim any resulting loss against the seller. During the six months ended April 30, 2016, the Funds did not hold any repurchase agreements.

(4) When Issued/Delayed Delivery Securities: Each Fund may purchase and sell securities on a “when issued” or “delayed delivery” basis, with settlement to occur at a later date. The value of any security so purchased is subject to market fluctuations during the applicable period. The Funds segregate assets having an aggregate value at least equal to the amount of when issued or delayed delivery purchase commitments until payment is made. As of and during the six months ended April 30, 2016, DoubleLine Core Plus Fixed Income Fund owned delayed delivery securities.

(5) Mortgage-Backed Securities: Montag & Caldwell Balanced Fund, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund may invest in mortgage-backed securities (“MBS”). These securities represent interests in pools of mortgage loans and they provide shareholders with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid. The timely payment of principal and interest on MBS issued or guaranteed by Ginnie Mae (formerly known as the Government National Mortgage Association) is backed by Ginnie Mae and the

full faith and credit of the U.S. government. MBS issued by U.S. government agencies or instrumentalities other than Ginnie Mae are not “full faith and credit” obligations. Certain obligations, such as those issued by the Federal Home Loan Banks, Fannie Mae (formerly known as the Federal National Mortgage Association) and Freddie Mac (formerly known as the Federal Home Loan Mortgage Corporation) are supported only by the credit of the issuer. MBS issued by private issuers are not government securities and are not guaranteed by any government agency. They are secured by the underlying collateral of the private issuer. Yields on privately issued MBS tend to be higher than those of government-backed issues. However, risk of loss due to default and sensitivity to interest rate fluctuations are also higher. Montag & Caldwell Balanced Fund, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund may also invest in collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”) and real estate mortgage investment conduits (“REMICs”). A CMO and/or REMIC is a bond that is collateralized by a pool of MBS. A CLO is a bond that is collateralized by a financial institution’s receivables from loans. These MBS pools are divided into classes with each class having its own characteristics. The different classes are retired in sequence as the underlying mortgages are repaid.

(6) Securities Sold Short: River Road Long-Short Fund utilizes short sales as part of its overall portfolio management strategy. A short sale involves the sale of a security that is borrowed from a broker or other institution. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon closing a short sale. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund making a short sale must segregate liquid assets, or otherwise cover its position in a permissible manner. The Subadviser determines the liquidity of assets, in accordance with procedures established by the Board. Cash segregated as collateral for short sales is shown in the Statement of Assets and Liabilities as segregated cash. Security positions segregated as collateral for short sales are included in the Total Investments on the Statement of Assets and Liabilities.

(7) Options Contracts: In the normal course of pursuing its investment objectives, certain Funds are subject to price volatility risk. Certain Funds may write and/or purchase call and put options on securities for hedging purposes, to seek capital appreciation, to mitigate risk and/or to increase exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call or put option, an amount equal to the premium received or paid by the Fund is included in a Fund’s Statement of Assets and Liabilities as a liability or an investment and subsequently adjusted to the current market value based on the quoted daily settlement price of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The

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difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. If the Fund writes a covered call option, the Fund forgoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option, it accepts the risk of a decline in the market value of the underlying security below the exercise price. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. The risk associated with purchasing put and call options is limited to the premium paid. Options were traded during the period in Anchor Capital Enhanced Equity Fund. See the Schedule of Investments for open options contracts held by Anchor Capital Enhanced Equity Fund at April 30, 2016. During the six months ended April 30, 2016, the average* volume of derivative activities were as follows:

For the six months ended April 30, 2016, the average* volume of derivative activities are as follows:

Funds	Purchased Options (Premium Paid)		Written Options (Premiums Received)
Anchor Capital Enhanced Equity Fund	$	1,363,549	$	3,810,752

* estimated based on quarterly holdings

(8) Forward Foreign Currency Contracts: In the normal course of pursuing their investment objectives, certain Funds are subject to foreign investment and currency risk. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve a Fund’s investment goal. These contracts are marked-to-market daily at the applicable forward exchange rates. A Fund records realized gains or losses at the time the forward contract is closed. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of its contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. During the six months ended April 30, 2016, the Funds did not enter into any forward foreign currency contracts.

(9) Disclosures about Derivative Instruments: The following is a table summarizing the fair value of derivatives held at April 30, 2016, by primary risk exposure:

	Asset Derivative Investments Value		Liability Derivative Investments Value
	Equity Contracts (a)		Equity Contracts (a)
Anchor Capital Enhanced Equity Fund	$	1,280,000	$	5,340,533

(a) Statement of Assets and Liabilities location: Total investments at value for purchase options and call options written, at value for written options.

The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2016:

	Amount of Realized Gain (Loss) on Derivatives Investments Value			Change in  Unrealized Appreciation (Depreciation) on Derivatives Investments Value
	Equity Contracts (a)			Equity Contracts (b)
Anchor Capital Enhanced Equity Fund	$	(6,845,746	)	$	1,271,729

(a) Statement of Operations location: Net realized loss on purchased options and net realized loss on written options.

(b) Statement of Operations location: Net change in unrealized appreciation (depreciation) on purchased options and net change in unrealized appreciation (depreciation) on written options.

(10) Investment Income and Securities Transactions: Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income is accrued daily. Premiums and discounts are amortized or accreted on an effective yield method on fixed income securities. The Funds may be subject to foreign taxes on income, gains on investments, securities transactions or currency repatriation, some of which may be recoverable in part. The Funds will accrue such taxes and reclaims as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Transactions in securities are accounted for on a trade date basis. The cost of securities sold is determined using the identified cost method.

(11) Foreign Currency: Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates at the close of the regular trading session on the New York Stock Exchange. Fluctuations in the value of the foreign currencies and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses). Realized gains (losses) and unrealized appreciation (depreciation) on investment securities and income and expenses are translated on the respective dates of such transactions. The Funds do not isolate the net realized and unrealized gain or loss resulting from changes in exchange rates from the fluctuations in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

(12) Federal Income Taxes: The Funds have elected to be treated as “regulated investment companies” under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of their respective net taxable income. Accordingly, no provisions for federal income taxes have been made in the accompanying financial statements. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), post-enactment capital losses may be carried forward for an unlimited time period. However, any new losses incurred will be required to be utilized prior to any loss carryovers incurred in pre-enactment taxable years, which generally expire eight years following the close of the taxable year in which they were incurred. As a result of this ordering rule, pre-enactment capital

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loss carryovers may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward retain their tax character as either short-term or long-term

capital losses rather than being considered all short-term as under previous law.

At October 31, 2015, the following Funds had available realized capital loss carryforwards to offset future net capital gains through the fiscal year ended:

	Capital Loss Carryforwards:
	2016			2017		2018		2019		No Expiration Short Term		No Expiration Long Term		Total
Cornerstone Large Cap Value Fund	$	—		$	7,545,482	$	6,819,813	$	—	$	—	$	—	$	14,365,295
Fairpointe Focused Equity Fund		—			—		—		—		135,558		—		135,558
Montag & Caldwell Growth Fund		—			2,530,371		—		—		—		—		2,530,371
LMCG Small Cap Growth Fund		561,605	*		—		—		—		—		—		561,605
River Road Independent Value Fund		—			—		—		—		4,834,393		—		4,834,393
DoubleLine Core Plus Fixed Income Fund		—			—		—		—		2,853,818		1,207,345		4,061,163
TCH Fixed Income Fund		1,961,275			1,270,780		—		—		—		—		3,232,055
Guardian Capital Global Dividend Fund		—			—		—		—		80,836		39,734		120,570
LMCG Emerging Markets Fund		—			—		—		—		428,582		37,443		466,025
Harrison Street Real Estate Fund		—			10,893,731		—		—		—		—		10,893,731

* This capital loss carryforward amount was acquired in the reorganization of the Small Cap Fund into the LMCG Small Cap Growth Fund on April 19, 2013. The Fund’s ability to utilize the capital loss carryforwards may be limited under Internal Revenue Service regulations.

Management has analyzed the Funds’ tax positions for all open tax years (current and prior three tax years), as well as potential exposure to foreign capital gains withholding taxes, and has concluded that no provision for federal, state, or international income tax is required in the Funds’ financial statements. The Funds’ federal income and excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service.

(13) Multi-Class Operations: Each class offered by a Fund that is authorized to offer multiple classes of shares has equal rights as to the Fund’s net assets.

Income, fund and trust level expenses, and realized and unrealized capital gains and losses, if any, are allocated to each class of shares based on the relative net assets of each class. Class specific expenses are charged to their respective class.

(14) Offering Costs: Certain costs were incurred in connection with the offering of the following Funds, as disclosed in the table below. The costs associated have been capitalized and are being amortized on a straight-line basis over twelve months based on the commencement date of the Funds, stated below.

Fund	Commencement Date		Original Offering Costs
Fairpointe Focused Equity Fund		December 24, 2014	$	49,967
River Road Focused Absolute Value Fund		November 3, 2015		60,431
Value Partners Asia Dividend Fund		December 17, 2015		67,432

(15) Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the

reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(16) Commitments and Contingencies: In the normal course of business, the Trust enters into contracts on behalf of the Funds that contain a variety of provisions for general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that are not known at this time. However, based on experience, the Funds believe the risk of loss is remote.

Note (C) Dividends from Net Investment Income and Distributions of Capital Gains: Dividends and distributions to shareholders are recorded on the ex-dividend date. River Road Dividend All Cap Value Fund, River Road Dividend All Cap Value Fund II, DoubleLine Core Plus Fixed Income Fund and TCH Fixed Income Fund distribute dividends from net investment income to shareholders monthly and net realized gains from investment transactions, if any, are generally distributed annually, usually in December.

Anchor Capital Enhanced Equity Fund, Guardian Capital Global Dividend Fund, Value Partners Asia Dividend Fund and Montag & Caldwell Balanced Fund distribute dividends from net investment income to shareholders quarterly and net realized gains from investment transactions, if any, are generally distributed annually, usually in December.

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The following Funds distribute dividends from net investment income to shareholders annually and net realized gains from investment transactions, if any, are generally distributed annually, usually in December: Cornerstone Large Cap Value Fund, Fairpointe Focused Equity Fund, River Road Focused Absolute Value Fund, Herndon Large Cap Value Fund, Montag & Caldwell Growth Fund, Fairpointe Mid Cap Fund, Montag & Caldwell Mid Cap Growth Fund, LMCG Small Cap Growth Fund, River Road Independent Value Fund, River Road Select Value Fund, River Road Small Cap Value Fund, Silvercrest Small Cap Fund, Small Cap Fund, Lake Partners LASSO Alternatives Fund, River Road Long-Short Fund, Barings International Fund, LMCG Emerging Markets Fund, Pictet International Fund and Harrison Street Real Estate Fund.

Dividends and distributions are automatically reinvested in additional Fund shares on ex-date at that day’s ending NAV for the respective Fund for those shareholders who have elected the reinvestment option.

Differences in dividends per share between classes of the Funds are due to different class expenses.

Net investment income and realized gains and losses for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book and tax basis differences. Permanent differences, such as redesignation of dividends paid, partnership reclasses, disallowed capitalized dividends on short sales, reclass of short-term gain to ordinary income, write off of capital loss carryovers, return of capital adjustments, non-deductible tax paid and long term undistributed gains, premium reversals, paydown reclasses, passive foreign investment company reclasses, foreign currency reclasses, adjustments for business development corporations, disallowed expenses, non-deductible 12b-1 fee, Fund level over distributions, the use of equalization and net operating loss reclasses are reclassified among capital accounts in the financial statements to reflect their character. Temporary differences, such as deferrals on losses relating to wash sales transactions, amortization of offering costs, premium amortization, current year dividends payable, passive foreign investment company adjustments, qualified late-year losses deferred, prior year partnership basis adjustment, and capital loss carryovers, arise when income, expenses, gains or losses are recognized in different periods for financial statement and tax purposes; these differences may reverse at some time in the future.

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Distributions from net realized gains for book purposes may include short-term capital gains, which are classified as ordinary income for shareholder tax purposes.

The tax character of distributions paid during the fiscal years ended 2015 and 2014 was as follows:

	Distributions Paid in 2015				Distributions Paid in 2014
	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains
Cornerstone Large Cap Value Fund	$	1,369,629	$	—	$	400,233	$	—
Herndon Large Cap Value Fund		2,334,787		7,726,222		3,419,118		6,349
Montag & Caldwell Growth Fund		44,398,227		627,221,330		45,645,316		341,924,841
River Road Dividend All Cap Value Fund		18,975,031		89,326,656		46,656,555		64,851,857
River Road Dividend All Cap Value Fund II		3,652,872		3,141,523		4,391,126		86,891
Fairpointe Mid Cap Fund		158,253,393		770,919,534		3,375,463		458,048,169
Montag & Caldwell Mid Cap Growth Fund		22,455		696,350		54,000		1,654,527
LMCG Small Cap Growth Fund		1,396,041		1,078,763		4,567,533		960,263
River Road Independent Value Fund		13,126,283		21,661,599		27,428,053		833,833
River Road Select Value Fund		7,895,744		17,043,425		5,039,706		26,824,144
River Road Small Cap Value Fund		9,289,576		31,938,623		10,537,955		56,872,092
Silvercrest Small Cap Fund		494,555		1,198,029		723,403		562,187
Small Cap Fund		—		94,016,613		—		116,418,951
DoubleLine Core Plus Fixed Income Fund		12,876,362		—		5,696,835		—
TCH Fixed Income Fund		1,676,460		—		1,961,530		—
Anchor Capital Enhanced Equity Fund		3,854,267		—		3,308,423		—
Lake Partners LASSO Alternatives Fund		1,031,209		15,080,709		4,167,016		1,590,997
River Road Long-Short Fund		4,922,443		335,340		4,915,054		28,902
Barings International Fund		773,676		2,360,468		2,458,302		944,009
Guardian Capital Global Dividend Fund		102,970		—		46,620		—
LMCG Emerging Markets Fund		28,599		—		64,574		—
Pictet International Fund		188,437		—		—		—
Harrison Street Real Estate Fund		164,358		—		147,567		—
Montag & Caldwell Balanced Fund		241,984		1,808,010		208,332		740,641

As of October 31, 2015, the most recent tax year end, the components of distributable earnings on a tax cost basis were as follows:

	Accumulated Capital and Other Losses			Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Appreciation (Depreciation)			Total
Cornerstone Large Cap Value Fund	$	(14,365,295	)	$	999,888	$	—	$	(11,255,609	)	$	(24,621,016	)
Fairpointe Focused Equity Fund		(135,558	)		54,030		—		(322,512	)		(404,040	)
Herndon Large Cap Value Fund		—			963,616		156,441		9,123,495			10,243,552
Montag & Caldwell Growth Fund		(2,530,371	)		5,987,336		453,313,303		282,576,306			739,346,574
River Road Dividend All Cap Value Fund		—			—		68,842,050		139,805,427			208,647,477
River Road Dividend All Cap Value Fund II		—			—		1,666,697		8,623,205			10,289,902
Fairpointe Mid Cap Fund		—			12,066,800		234,496,728		403,129,667			649,693,195
Montag & Caldwell Mid Cap Growth Fund		(44,348	)		—		1,215,154		1,367,116			2,537,922
LMCG Small Cap Growth Fund		(1,718,723	)		—		25,386		(6,196,532	)		(7,889,869	)
River Road Independent Value Fund		(8,436,726	)		—		—		(25,777,073	)		(34,213,799	)
River Road Select Value Fund		(404,126	)		—		7,969,023		2,982,812			10,547,709
River Road Small Cap Value Fund		—			1,531,982		13,692,607		36,538,627			51,763,216
Silvercrest Small Cap Fund		—			259,867		6,208,067		3,156,437			9,624,371
Small Cap Fund		(2,699,597	)		—		127,883,451		71,601,080			196,784,934
DoubleLine Core Plus Fixed Income Fund		(4,061,163	)		244,629		—		(7,489,005	)		11,305,539
TCH Fixed Income Fund		(3,232,055	)		12,396		—		(19,474	)		(3,239,133	)
Anchor Capital Enhanced Equity Fund		—			368,674		590,164		78,903			1,037,741
Lake Partners LASSO Alternatives Fund		(1,030,882	)		—		11,177,682		4,356,028			14,502,828
River Road Long-Short Fund		—			1,302,018		544,844		(3,308,012	)		(1,461,150	)
Barings International Fund		—			220,278		304,678		1,209,342			1,734,298
Guardian Capital Global Dividend Fund		(120,570	)		28,570		—		215,561			123,561
LMCG Emerging Markets Fund		(466,025	)		19,918		—		(156,009	)		(602,116	)
Pictet International Fund		—			973,948		—		(88,522	)		885,426
Harrison Street Real Estate Fund		(10,893,730	)		122,213		—		238,319			(10,533,198	)
Montag & Caldwell Balanced Fund		—			11,392		1,324,571		2,593,122			3,929,085

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Note (D) Shares of Beneficial Interest: Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Share transactions of the Funds were as follows:

Six Months Ended April 30, 2016

Class N	Sold		Issued in Connection with Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		195,283		44,912		(798,493	)		(558,298	)
Fairpointe Focused Equity Fund		14,162		2,394		(17,527	)		(971	)
River Road Focused Absolute Value Fund (a)(b)		20,894		—		(23	)		20,871
Herndon Large Cap Value Fund		82,220		5,886		(217,758	)		(129,652	)
Montag & Caldwell Growth Fund		5,471,568		9,531,891		(9,426,106	)		5,577,353
River Road Dividend All Cap Value Fund		1,989,056		1,825,081		(3,307,775	)		506,362
River Road Dividend All Cap Value Fund II		14,058		5,023		(20,244	)		(1,163	)
Fairpointe Mid Cap Fund		4,058,825		2,786,317		(13,172,181	)		(6,327,039	)
Montag & Caldwell Mid Cap Growth Fund		8,189		53,656		(48,054	)		13,791
LMCG Small Cap Growth Fund		892,788		1,863		(4,589,965	)		(3,695,314	)
River Road Independent Value Fund		6,779,991		—		(3,091,826	)		3,688,165
River Road Select Value Fund		97,001		100,813		(101,418	)		96,396
River Road Small Cap Value Fund		161,538		114,605		(608,197	)		(332,054	)
Silvercrest Small Cap Fund		213,700		55,211		(212,641	)		56,270
Small Cap Fund (c)		677,200		7,539,999		(13,451,876	)		(5,234,677	)
DoubleLine Core Plus Fixed Income Fund		18,946,382		355,892		(6,286,779	)		13,015,495
TCH Fixed Income Fund		165,317		48,877		(412,289	)		(198,095	)
Anchor Capital Enhanced Equity Fund		495,400		145,006		(3,835,877	)		(3,195,471	)
Lake Partners LASSO Alternatives Fund		305,842		206,436		(651,053	)		(138,775	)
River Road Long-Short Fund		66,180		61,918		(1,485,315	)		(1,357,217	)
Barings International Fund		11,826		1,516		(1,576	)		11,766
Guardian Capital Global Dividend Fund		753		35		—			788
LMCG Emerging Markets Fund		1,236		881		(1,082	)		1,035
Pictet International Fund		5,161		97		(100,719	)		(95,461	)
Value Partners Asia Dividend Fund (d)		75,001		—		—			75,001
Harrison Street Real Estate Fund		32,928		8,281		(125,310	)		(84,101	)
Montag & Caldwell Balanced Fund		768,002		53,049		(296,459	)		524,592

Class I	Sold		Issued in Connection with Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		152,015		57,834		(3,129,540	)		(2,919,691	)
Fairpointe Focused Equity Fund		28,469		5,297		—			33,766
River Road Focused Absolute Value Fund (a)(b)		922,154		—		(22,646	)		899,508
Herndon Large Cap Value Fund		793,475		89,877		(2,686,117	)		(1,802,765	)
Montag & Caldwell Growth Fund		7,557,827		9,866,674		(22,227,076	)		(4,802,575	)
River Road Dividend All Cap Value Fund		3,654,058		3,893,274		(16,284,596	)		(8,737,264	)
River Road Dividend All Cap Value Fund II		579,756		187,895		(1,492,852	)		(725,201	)
Fairpointe Mid Cap Fund		10,626,963		3,759,517		(27,438,034	)		(13,051,554	)
Montag & Caldwell Mid Cap Growth Fund		6,366		67,037		(13,631	)		59,772
LMCG Small Cap Growth Fund		2,247,589		738		(2,600,243	)		(351,916	)
River Road Independent Value Fund		2,713,125		—		(4,271,222	)		(1,558,097	)
River Road Select Value Fund		323,651		1,133,203		(7,376,531	)		(5,919,677	)
River Road Small Cap Value Fund		1,973,883		1,196,902		(2,880,732	)		290,053
Silvercrest Small Cap Fund		2,190,424		425,913		(1,188,764	)		1,427,573
Small Cap Fund (c)		2,312,763		11,173,684		(19,143,575	)		(5,657,128	)
DoubleLine Core Plus Fixed Income Fund		11,804,711		455,339		(5,217,681	)		7,042,369
TCH Fixed Income Fund		69,968		19,385		(781,342	)		(691,989	)
Anchor Capital Enhanced Equity Fund		549,405		116,333		(4,391,236	)		(3,725,498	)
Lake Partners LASSO Alternatives Fund		1,175,402		384,769		(6,904,690	)		(5,344,519	)
River Road Long-Short Fund		848,907		102,909		(2,349,795	)		(1,397,979	)
Barings International Fund		1,288		86,640		(29	)		87,899
Guardian Capital Global Dividend Fund		—		3,114		(1,180	)		1,934
LMCG Emerging Markets Fund		—		2,633		(77,946	)		(75,313	)
Pictet International Fund		94,203,334		7,456		(4,787,923	)		89,422,867
Value Partners Asia Dividend Fund (d)		675,001		—		—			675,001
Harrison Street Real Estate Fund		2,354		354		(3,566	)		(858	)
Montag & Caldwell Balanced Fund		34,341		4,578		(33,045	)		5,874

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Notes to Financial Statements (unaudited) – continued

Class R	Sold		Issued in Connection with Reinvestment of Distributions		Redeemed			Net Decrease in Shares Outstanding
Montag & Caldwell Growth Fund		48,969		66,520		(37,730	)		77,759

(a) The inception date for the River Road Focused Absolute Value Fund was November 3, 2015.

(b) River Road Focused Absolute Value Fund had a subscription in-kind in the amount of $3,663,463 on November 3, 2015. The subscription was comprised of securities, cash and dividends accrued in the amounts of $3,632,219, $26,056 and $5,188, respectively.

(c) Small Cap Fund had a redemption in-kind on December 1, 2015, in the amount of $142,509,610. The redemption was comprised of securities and cash in the amount of $134,464,305 and $8,045,305, respectively.

(d) The inception date for the Value Partners Asia Dividend Fund was December 16, 2015.

Year Ended October 31, 2015 Class N	Sold		Issued in Connection with Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		1,788,633		28,081		(1,491,371	)		325,343
Fairpointe Focused Equity Fund (a)(b)		263,764		—		(17,767	)		245,997
Herndon Large Cap Value Fund		204,863		62,690		(555,307	)		(287,754	)
Montag & Caldwell Growth Fund		7,138,882		8,194,054		(29,417,908	)		(14,084,972	)
River Road Dividend All Cap Value Fund		3,166,753		2,107,691		(13,241,566	)		(7,967,122	)
River Road Dividend All Cap Value Fund II		73,197		22,350		(384,147	)		(288,600	)
Fairpointe Mid Cap Fund		10,093,808		9,137,627		(21,538,445	)		(2,307,010	)
Montag & Caldwell Mid Cap Growth Fund		22,197		34,984		(271,296	)		(214,115	)
LMCG Small Cap Growth Fund		10,550,961		105,407		(2,502,649	)		8,153,719
River Road Independent Value Fund		5,681,604		1,563,007		(9,309,358	)		(2,064,747	)
River Road Select Value Fund		73,126		156,298		(525,281	)		(295,857	)
River Road Small Cap Value Fund		397,814		503,817		(2,457,631	)		(1,556,000	)
Silvercrest Small Cap Fund		1,007,117		9,374		(201,402	)		815,089
Small Cap Fund		941,849		2,105,009		(6,664,523	)		(3,617,665	)
DoubleLine Core Plus Fixed Income Fund		17,140,542		330,780		(4,242,057	)		13,229,265
TCH Fixed Income Fund		486,398		101,645		(609,564	)		(21,521	)
Anchor Capital Enhanced Equity Fund		2,092,810		175,479		(3,722,695	)		(1,454,406	)
Lake Partners LASSO Alternatives Fund		2,643,650		133,278		(2,843,208	)		(66,280	)
River Road Long-Short Fund		2,159,459		231,451		(9,572,482	)		(7,181,572	)
Barings International Fund		12,218		8,119		(3,483	)		16,854
Guardian Capital Global Dividend Fund		3,342		32		(1,156	)		2,218
LMCG Emerging Markets Fund		2,222		426		(1,711	)		937
Pictet International Fund		6,850		34		(1,762	)		5,122
Harrison Street Real Estate Fund		152,499		11,379		(367,136	)		(203,258	)
Montag & Caldwell Balanced Fund		377,132		78,257		(167,264	)		288,125

Class I	Sold		Issued in Connection with Reinvestment of Distributions		Redeemed			Net Increase (Decrease) in Shares Outstanding
Cornerstone Large Cap Value Fund		1,038,073		56,356		(2,604,193	)		(1,509,764	)
Fairpointe Focused Equity Fund (a)(b)		445,153		—		(1	)		445,152
Herndon Large Cap Value Fund		1,504,825		624,457		(2,898,699	)		(769,417	)
Montag & Caldwell Growth Fund		9,136,847		14,272,154		(66,732,284	)		(43,323,283	)
River Road Dividend All Cap Value Fund		6,894,934		4,086,211		(16,988,277	)		(6,007,132	)
River Road Dividend All Cap Value Fund II		1,954,180		444,366		(2,238,283	)		160,263
Fairpointe Mid Cap Fund		21,809,966		10,047,970		(31,979,189	)		(121,253	)
Montag & Caldwell Mid Cap Growth Fund		194,128		27,469		(13,014	)		208,583
LMCG Small Cap Growth Fund		5,014,447		52,633		(820,163	)		4,246,917
River Road Independent Value Fund		2,378,112		1,546,766		(27,022,115	)		(23,097,237	)
River Road Select Value Fund		725,982		2,999,976		(11,708,876	)		(7,982,918	)
River Road Small Cap Value Fund		4,076,490		2,833,551		(5,385,952	)		1,524,089
Silvercrest Small Cap Fund		7,917,658		100,934		(2,591,868	)		5,426,724
Small Cap Fund		2,927,154		2,381,469		(10,007,368	)		(4,698,745	)
DoubleLine Core Plus Fixed Income Fund		18,070,549		742,838		(4,697,945	)		14,115,442
TCH Fixed Income Fund		681,573		49,603		(701,252	)		29,924
Anchor Capital Enhanced Equity Fund		4,045,214		165,598		(6,567,499	)		(2,356,687	)
Lake Partners LASSO Alternatives Fund		6,903,527		804,316		(29,352,862	)		(21,645,019	)
River Road Long-Short Fund		1,845,983		160,137		(7,436,665	)		(5,430,545	)
Barings International Fund		168,034		526,718		(467,167	)		227,585
Guardian Capital Global Dividend Fund		10,042		5,543		(731	)		14,854
LMCG Emerging Markets Fund		—		2,687		(152,256	)		(149,569	)
Pictet International Fund		5,060,181		5,369		(781,788	)		4,283,762
Harrison Street Real Estate Fund		9,993		565		(28,917	)		(18,359	)
Montag & Caldwell Balanced Fund		94,050		3,852		(28,359	)		69,543

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Notes to Financial Statements (unaudited) – continued

Class R	Sold		Issued in Connection with Reinvestment of Distributions		Redeemed			Net Decrease in Shares Outstanding
Montag & Caldwell Growth Fund		35,243		43,433		(118,215	)		(39,539	)

(a) The commencement of investment operations for Fairpointe Focused Equity Fund was December 23, 2014.

(b) Fairpointe Focused Equity Fund had a subscription in-kind in the amount of $2,333,718 on December 23, 2014. The subscription was comprised of securities, cash and dividends accrued in the amounts of $2,305,531, $26,148 and $2,039, respectively.

Note (E) Investment Transactions: Purchases and proceeds from sales and maturities of investment securities (other than short-term investments) for the six months ended April 30, 2016 were as follows:

	Purchases				Proceeds from Sales
	U.S Government		Other		U.S Government		Other
Cornerstone Large Cap Value Fund	$	—	$	11,829,323	$	—	$	54,271,582
Fairpointe Focused Equity Fund		—		1,220,075		—		1,029,410
River Road Focused Absolute Value Fund		—		7,347,567		—		3,577,148
Herndon Large Cap Value Fund		—		29,360,610		—		57,518,232
Montag & Caldwell Growth Fund		—		463,344,200		—		932,924,709
River Road Dividend All Cap Value Fund		—		110,590,014		—		278,341,050
River Road Dividend All Cap Value Fund II		—		17,199,417		—		28,792,025
Fairpointe Mid Cap Fund		—		596,766,935		—		1,161,285,162
Montag & Caldwell Mid Cap Growth Fund		—		1,559,764		—		1,974,995
LMCG Small Cap Growth Fund		—		120,900,829		—		169,686,789
River Road Independent Value Fund		—		38,267,703		—		63,493,386
River Road Select Value Fund		—		21,574,705		—		73,268,980
River Road Small Cap Value Fund		—		90,977,688		—		101,819,378
Silvercrest Small Cap Fund		—		38,067,959		—		22,404,980
Small Cap Fund		—		157,630,340		—		562,409,291
DoubleLine Core Plus Fixed Income Fund		225,003,862		133,376,032		120,074,468		68,349,866
TCH Fixed Income Fund		5,073,254		974,150		7,072,282		7,629,197
Anchor Capital Enhanced Equity Fund		—		18,339,528		—		83,981,064
Lake Partners LASSO Alternatives Fund		—		28,538,629		—		92,939,915
River Road Long-Short Fund		—		74,519,440		—		105,848,952
Barings International Fund		—		1,939,784		—		1,709,180
Guardian Capital Global Dividend Fund		—		1,050,939		—		1,043,275
LMCG Emerging Markets Fund		—		638,233		—		562,628
Pictet International Fund		—		873,954,649		—		113,244,437
Value Partners Asia Dividend Fund		—		7,888,322		—		866,713
Harrison Street Real Estate Fund		—		4,337,601		—		5,402,264
Montag & Caldwell Balanced Fund		1,667,209		16,591,901		1,124,523		6,577,399

Note (F) Redemption Fees: In accordance with the prospectus, certain Funds may assess a redemption fee on Fund share redemptions and exchanges within specified time periods. The redemption fees are indicated in the following table for the six months ended April 30, 2016 and are included in the Cost of Shares Redeemed on the Statements of Changes in Net Assets:

Fund Name	Time Period	Amount
Barings International Fund	2% Within 90 Days	$	—
Guardian Capital Dividend Fund	2% Within 90 Days		50
LMCG Emerging Markets Fund	2% Within 90 Days		—
Pictet International Fund	2% Within 90 Days		331
Value Partners Asia Dividend Fund	2% Within 90 Days		—
Harrison Street Real Estate Fund	2% Within 90 Days		117

Note (G) Advisory, Administration, Affiliated Investments, Distribution Services and Trustee Arrangements:

Advisory. Aston serves as investment adviser and administrator to the Funds. Under the terms of the investment advisory agreement for the Funds (the “Investment Advisory Agreement”), fees are accrued daily and paid monthly, at specified annual rates of average daily net assets.

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Notes to Financial Statements (unaudited) – continued

Certain Funds are subject to an expense limitation agreement with the Adviser, pursuant to which annual ordinary operating expenses for Class N and Class I shareholders are capped at certain specified annual rates of average daily net assets. There are no contractual expense limitations for Class R shareholders.

The contractual expense limitations for the Funds are effective through February 28, 2017. The advisory rates and contractual expense limitations for the six months ended April 30, 2016 were as follows:

		Contractual Expense Limitations
Fund Name	Advisory Fees	Class N	Class I
Cornerstone Large Cap Value Fund (a)(b)	0.70%	1.14%	0.89%
Fairpointe Focused Equity Fund	0.80%	1.15%	0.90%
River Road Focused Absolute Value Fund (c)	0.70%	1.00%	0.75%
Herndon Large Cap Value Fund (a)(b)	0.70%	1.14%	0.89%
Montag & Caldwell Growth Fund	0.80% on first $800,000,000
	0.60% over $800,000,000 up to $6 billion
	0.55% over $6 billion up to $12 billion
	0.50% over $12 billion	N/A	N/A
River Road Dividend All Cap Value Fund	0.70%	1.30%	1.05%
River Road Dividend All Cap Value Fund II	0.70%	1.30%	1.05%
Fairpointe Mid Cap Fund	0.80% on first $100,000,000
	0.75% next $300,000,000
	0.70% over $400,000,000	N/A	N/A
Montag & Caldwell Mid Cap Growth Fund	0.85%	1.25%	1.00%
LMCG Small Cap Growth Fund	1.00%	1.35%	1.10%
River Road Independent Value Fund	1.00%	1.42%	1.17%
River Road Select Value Fund	1.00%	1.50%	1.25%
River Road Small Cap Value Fund	0.90%	N/A	N/A
Silvercrest Small Cap Fund	1.00%	1.40%	1.15%
Small Cap Fund (d)	0.90%	1.35%	1.10%
DoubleLine Core Plus Fixed Income Fund	0.55%	0.94%	0.69%
TCH Fixed Income Fund	0.55%	0.94%	0.69%
Anchor Capital Enhanced Equity Fund	0.70%	1.40%	1.15%
Lake Partners LASSO Alternatives Fund	1.00%	1.40%	1.15%
River Road Long-Short Fund	1.20%	1.70%	1.45%
Barings International Fund	1.00%	1.40%	1.15%
Guardian Capital Global Dividend Fund	0.80%	1.30%	1.05%
LMCG Emerging Markets Fund	1.05%	1.43%	1.18%
Pictet International Fund	0.90%	1.40%	1.15%
Value Partners Asia Dividend Fund (e)	0.90%	1.40%	1.15%
Harrison Street Real Estate Fund	1.00%	1.37%	1.12%
Montag & Caldwell Balanced Fund	0.75%	1.35%	1.10%

(a) Prior to January 1, 2016, the advisory fee was 0.80% for Cornerstone Large Cap Value Fund and Herndon Large Cap Value Fund.

(b) Prior to January 1, 2016, the contractual expense limitation was 1.30% and 1.05% for Class N and Class I, respectively.

(c) The commencement of investment operations for River Road Focused Absolute Value Fund was November 3, 2015.

(d) Effective January 12, 2016, the Adviser has agreed to a contractual expense limitation.

(e) The commencement of investment operations for Value Partners Asia Dividend Fund was December 16, 2015.

Pursuant to a contractual expense reimbursement agreement between the Adviser and the Trust, for a period of up to three years from the fiscal year end during which the Adviser waived its advisory fees or reimbursed expenses for each of: Fairpointe Focused Equity Fund-Classes N and I, River Road Focused Absolute Value Fund-Classes N and I, Herndon Large Cap Value Fund-Classes N and I, River Road Dividend All Cap Value Fund II-Classes N and I, LMCG Small Cap Growth Fund-Classes N and I, River Road Independent Value Fund-Classes N and I, Silvercrest Small Cap Fund-Classes N and I, DoubleLine Core Plus Fixed Income Fund-Classes N and I, River Road Long-Short Fund-Classes N and I, Guardian Capital Global Dividend Fund-Classes N and I, LMCG

Emerging Markets Fund-Classes N and I, Pictet International Fund-Classes N and I, and Value Partners Asia Dividend Fund-Classes N and I, the Adviser is entitled to be repaid by each Fund for such previously waived fees and reimbursed expenses from commencement of operations through the completion of the first three full fiscal years, to the extent that each Fund’s expense ratio for a class, not including interest, taxes, brokerage commissions, other investment-related costs, extraordinary expenses, such as litigation and other expenses, not incurred in the ordinary cause of a Fund’s business and acquired fund fees and expenses remains at or below the operating expense cap applicable to each class after such reimbursement.

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Notes to Financial Statements (unaudited) – continued

The cumulative reimbursement amounts as of April 30, 2016 that are entitled to be recouped for each Fund are as follows:

	Expiration
	2016		2017		2018		2019
Fairpointe Focused Equity Fund		N/A		N/A	$	128,683	$	52,584
River Road Focused Absolute Value Fund		N/A		N/A		N/A		81,135
Herndon Large Cap Value Fund	$	—		N/A		N/A		N/A
River Road Dividend All Cap Value Fund II		—	$	—		—		N/A
LMCG Small Cap Growth Fund		157,143		131,012		N/A		N/A
River Road Independent Value Fund		59,855		25,960		N/A		N/A
Silvercrest Small Cap Fund		116,435		108,554		77,805		N/A
DoubleLine Core Plus Fixed Income Fund		205,067		183,865		N/A		N/A
River Road Long-Short Fund		76,699		—		N/A		N/A
Guardian Capital Global Dividend Fund		N/A		89,764		122,164		49,464
LMCG Emerging Markets Fund		119,333		173,395		156,268		83,143
Pictet International Fund		N/A		—		116,350		—
Value Partners Asia Dividend Fund		N/A		N/A		N/A		86,053

Through the six months ended April 30, 2016, the Adviser is eligible to recapture prior year fee waivers and expense reimbursements of $160,935 from Pictet International Fund.

During the six months ended April 30, 2016, the following Fund was reimbursed by the respective Subadviser for losses incurred on transactions not meeting the Funds’ investment guidelines:

	Capital Contribution
Pictet International Fund	$	619,174

The Adviser manages each Fund by retaining one or more Subadvisers to manage each Fund, as follows:

Fund	Subadviser
Cornerstone Large Cap Value Fund	Cornerstone Investment Partners, LLC
Fairpointe Focused Equity Fund	Fairpointe Capital LLC
River Road Focused Absolute Value Fund	River Road Asset Management, LLC(a)
Herndon Large Cap Value Fund	Herndon Capital Management, LLC
Montag & Caldwell Growth Fund	Montag & Caldwell, LLC
River Road Dividend All Cap Value Fund	River Road Asset Management, LLC(a)
River Road Dividend All Cap Value Fund II	River Road Asset Management, LLC(a)
Fairpointe Mid Cap Fund	Fairpointe Capital LLC
Montag & Caldwell Mid Cap Growth Fund	Montag & Caldwell, LLC
LMCG Small Cap Growth Fund	LMCG Investments, LLC
River Road Independent Value Fund	River Road Asset Management, LLC(a)
River Road Select Value Fund	River Road Asset Management, LLC(a)
River Road Small Cap Value Fund	River Road Asset Management, LLC(a)
Silvercrest Small Cap Fund	Silvercrest Asset Management Group LLC
Small Cap Fund	GW&K Investment Management, LLC(a)
DoubleLine Core Plus Fixed Income Fund	DoubleLine Capital LP
TCH Fixed Income Fund	Taplin, Canida & Habacht, LLC
Anchor Capital Enhanced Equity Fund	Anchor Capital Advisors LLC
Lake Partners LASSO Alternatives Fund	Lake Partners, Inc.
River Road Long-Short Fund	River Road Asset Management, LLC(a)
Barings International Fund	Baring International Investment Limited
Guardian Capital Global Dividend Fund	Guardian Capital LP
LMCG Emerging Markets Fund	LMCG Investments, LLC

Fund	Subadviser
Pictet International Fund	Pictet Asset Management Limited
Value Partners Asia Dividend Fund	Value Partners Hong Kong Limited(b)
Harrison Street Real Estate Fund	Harrison Street Securities, LLC
Montag & Caldwell Balanced Fund	Montag & Caldwell, LLC

^(a)  Affiliated Managers Group Inc. (“AMG”) indirectly owns a majority interest in River Road Asset Management, LLC and GW&K Investment Management, LLC.

^(b)  AMG indirectly owns a minority interest in Value Partners Hong Kong Limited.

Subadvisory fees are paid monthly by Aston.

Administration. Under the terms of the administration agreement between the Trust and Aston, the Funds’ administrator (the “Administration Agreement”), administration fees are accrued daily and paid monthly, based on a specified percentage of average daily net assets of the Trust, and base fees are fixed at an annual rate of $12,000 per Fund. The fee is allocated to each Fund based on the relative net assets of the Trust. Administration expenses also include pricing agent fees and compliance-related expenses. The administration fee arrangement is as follows:

Administration Fees at Trust Level	Annual Rate
First $7.4 billion	0.0437%
Over $7.4 billion	0.0412%

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) provides certain administrative services to the Funds pursuant to a Sub-administration and Accounting Services Agreement between Aston and BNY Mellon (the “Sub-Administration Agreement”).

Distribution Services. Foreside Funds Distributors LLC (the “Distributor”) serves as principal underwriter and distributor of the Funds’ shares. Pursuant to Rule 12b-1 distribution and service plans (the “Plans”) adopted by the Funds, with respect to Class N shares and Class R shares, the Funds pay certain expenses associated with the distribution and servicing of their shares. Under the Plans, each Fund may pay actual expenses not exceeding, on an annual basis, 0.25% of each participating Fund’s Class N average daily net assets and 0.50% of each participating Fund’s Class R average daily net assets. The Class I shares do not have Rule 12b-1 plans. Effective January 1, 2012 and ending October 31, 2013, the TCH Fixed Income Fund 12b-1 fee was reduced to 0.15%. Effective January 1, 2012, Montag & Caldwell Balanced Fund reduced its 12b-1 fees to 0.10%.

Trustees. The Board provides supervision of the affairs of the Trust and other affiliated funds. The Trustees of the Trust who are not affiliated with an Adviser receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of AMG, AMG Funds LLC, and the Adviser.

162

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	April 30, 2016
Notes to Financial Statements (unaudited) – continued

Effective May 30, 2014, Aston became an indirect, wholly-owned subsidiary of AMG, the interests in which are held by AMG through its wholly-owned subsidiary, AMG Funds LLC.

Affiliated Investments: Certain Funds may invest in affiliated funds subject to compliance with each Fund’s policies.

A summary of each Fund’s investment, as applicable, in affiliated funds for the six months ended April 30, 2016, is as follows:

DoubleLine Core Plus Fixed Income Fund

Underlying Fund	Purchases		Proceeds from Sales		Market Value 04/30/2016		Dividend Income		Realized (loss)
DoubleLine Floating Rate Fund	$	—	$	1,000,000	$	8,487,325	$	146,339	$	(11,380	)

Note (H) Credit Agreement: Effective July 6, 2010 and as amended August 29, 2014 and July 29, 2015, the Trust entered into a Credit Agreement with The Bank of New York Mellon (the “Bank”) which provides the Trust with a revolving line of credit facility of up to $50 million. The facility is shared by each Fund of the Trust and is available for temporary, emergency purposes including liquidity needs in meeting redemptions. The interest rate on outstanding Alternate Base Rate Loans is equal to the greater of the Prime Rate plus 1.25% or 0.50% plus the Federal Funds Effective Rate plus 1.25%. The interest rate on outstanding Overnight Loans is equal to the greater of the Federal Funds Effective Rate plus 1.25% or the One Month LIBOR Rate plus 1.25%. Effective July 29, 2015, the Trust pays a commitment fee on the unutilized commitment amount of 0.15% per annum, included in Other Expenses on the Statement of Operations. Prior to July 29, 2015, the Trust paid a commitment fee of 0.12% per annum. The Funds did not utilize the line of credit during the six months ended April 30, 2016.

Note (I) Fund Closure: ASTON/TAMRO International Small Cap Fund was liquidated on February 1, 2016.

Note (J) Foreign Securities: Certain Funds may invest a significant percentage of their assets in securities of foreign issuers. These

investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. Some countries in which the Funds invest may require government approval for repatriation of investment income, capital or the proceeds for sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. In addition, changes in currency exchange rates will affect the value of investments denominated in a foreign currency, as well as investment income derived from those securities.

Note (K) Subsequent Events: Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements except that on June 23, 2016, the Board has approved a Plan of Liquidation of River Road Independent Value Fund, TCH Fixed Income Fund, Barings International Fund, LMCG Emerging Markets Fund and Harrison Street Real Estate Fund pursuant to which the Funds will be liquidated on or about July 28, 2016.

163

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Additional Information (unaudited)

Form N-Q: The Trust files complete schedules of portfolio holdings for the Funds with the Securities and Exchange Commission (the “SEC”) for the Trust’s first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q are available on the SEC’s website at www.sec.gov and are available for review and copying at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling the SEC at 202-942-8090.

Proxy Voting: The Trust’s Proxy Voting Policies and Procedures, used to determine how to vote proxies relating to portfolio securities, are included in the Trust’s Statement of Additional Information, which is available (i) upon request, without charge, by calling 800-992-8151; (ii) on Aston Funds’ website at www.astonfunds.com; and (iii) on the SEC’s website at www.sec.gov. The Funds’ Proxy Voting Record for the most recent twelve-month period ended June 30 is available without charge (i) on the Funds’ website at www.astonfunds.com; and (ii) on the SEC’s website at www.sec.gov.

Approval of Interim and New Subadvisory Agreement with GW&K Investment Management, LLC with Respect to ASTON/TAMRO Small Cap Fund

At an in-person meeting held on January 11, 2016, the Board of Trustees (the “Board” or the “Trustees”) of Aston Funds, and separately a majority of the Trustees who are not “interested persons” of the Trust (“Independent Trustees”) within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), voted to approve the Interim Subadvisory Agreement (the “Interim Subadvisory Agreement”) between Aston Asset Management, LLC (“Aston”) and GW&K Investment Management, LLC (“GW&K”) with respect to ASTON/TAMRO Small Cap Fund (the “Small Cap Fund”), the New Subadvisory Agreement (the “New Subadvisory Agreement” and, together with the Interim Subadvisory Agreement, the “Agreements”) between Aston and GW&K with respect to the Small Cap Fund, and the presentation of the New Subadvisory Agreement for shareholder approval at a special meeting to be held for such purpose. The Independent Trustees were separately represented by independent legal counsel in their consideration of the Agreements.

In considering the Agreements, the Trustees considered the information relating to the Small Cap Fund and GW&K provided to them, including performance information for the Small Cap Fund and the Russell 2000^® Growth Index and, with respect to GW&K, comparative performance information for the composite investment portfolio managed by GW&K in its small cap growth strategy (the “Small Cap Growth Strategy”). In considering the Agreements, the Trustees also considered the information provided to them regarding the nature, extent and quality of services provided by GW&K to the five other funds that GW&K sub-advises in the AMG Funds Family of Funds, a mutual fund complex comprised of 74 different funds, each having distinct investment management objectives, strategies, risks, and policies (the “AMG Fund Complex”), and to be provided by GW&K under the Agreements. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel

and with management; (b) discussed with their independent legal counsel the legal standards applicable to their consideration of the Agreements; and (c) met with their independent legal counsel in a private session at which no representatives of management were present.

Nature, extent and quality of services. In considering the nature, extent and quality of the services to be provided by GW&K, the Trustees reviewed information relating to GW&K’s financial condition, operations and personnel and the investment philosophy, strategies and techniques (the “Investment Strategy”) that are intended to be used by GW&K in managing the Small Cap Fund. Among other things, the Trustees reviewed biographical information on portfolio management and other professional staff, information regarding GW&K’s organizational and management structure and GW&K’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at GW&K that are expected to have portfolio management responsibility for the Small Cap Fund, including the information set forth in the AMG GW&K Small Cap Growth Fund’s prospectus to be filed with the Securities and Exchange Commission. The Trustees noted that one proposed portfolio manager joined GW&K in 2008, serves as co-portfolio manager on two other funds subadvised by GW&K in the AMG Funds Family of Funds and is a Partner and Director of Equities at GW&K. The Trustees also noted that the other proposed portfolio manager joined GW&K in 2008, serves as a co-portfolio manager on one other fund subadvised by GW&K in the AMG Funds Family of Funds and is a Vice President at GW&K. In the course of their deliberations, the Trustees evaluated, among other things: (a) the expected services to be rendered by GW&K to the Small Cap Fund; (b) the qualifications and experience of GW&K’s personnel; and (c) GW&K’s compliance program. The Trustees also considered GW&K’s risk management processes. The Trustees also took into account the financial condition of GW&K with respect to its ability to provide the services required under the Agreements and noted that, as of September 30, 2015, GW&K managed approximately $4.3 billion in assets across their equity business.

Performance. The Trustees considered information relating to the Small Cap Fund’s performance and GW&K’s performance managing small cap strategies. Among other information relating to GW&K’s performance, the Trustees considered the performance of GW&K with respect to its Small Cap Growth Strategy, noting that, for the one-year period, and the period since inception of the strategy (April 1, 2008), in each case, ended December 31, 2015, the annualized gross performance and annualized net performance of the Small Cap Growth Strategy exceeded the performance of the Russell 2000^® Growth Index for the same periods. The Trustees considered that for the three-year and five-year periods, in each case, ended December 31, 2015, the annualized gross performance of the Small Cap Growth Strategy was slightly below and above, respectively, the performance of the Russell 2000^® Growth Index and the annualized net performance of the Small Cap Growth Strategy, in each case, was below the performance of the Russell 2000^® Growth Index for the same periods. The Trustees concluded that this performance record supported the approval of the Agreements.

164

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Additional Information (unaudited) – continued

Subadvisory Fees, Profitability and Economies of Scale. The Trustees noted that Aston, and not the Small Cap Fund, is responsible for paying the fees charged by GW&K. In considering the anticipated profitability of GW&K with respect to the provision of subadvisory services to the Small Cap Fund, the Trustees considered information regarding GW&K’s organization, management and financial stability. The Trustees noted that, because GW&K is an affiliate of Aston, such anticipated profitability might be directly or indirectly shared by Aston. The Trustees also noted that the subadvisory fee rate to be paid to GW&K under each Agreement was the same as the rate paid to TAMRO Capital Partners LLC (“TAMRO”) under the former subadvisory agreement between Aston and TAMRO with respect to the Small Cap Fund (the “Former Subadvisory Agreement”). The Board of Trustees of Aston Funds took into account management’s discussion of the proposed subadvisory fee structure, and the services GW&K is expected to provide in performing its functions under the Agreements. Based on the foregoing, the Trustees concluded that the profitability to GW&K is expected to be reasonable.

In addition, the Trustees considered other potential benefits of the subadvisory relationship to GW&K, including, among others, the indirect benefits that GW&K may receive from GW&K’s relationship with the Small Cap Fund, including any so-called “fallout benefits” to GW&K, such as reputational value derived from GW&K serving as subadvisor to the Small Cap Fund. With respect to economies of scale, given that GW&K is being hired as a new subadvisor for the Small Cap Fund, the Trustees did not consider potential economies of scale in the management of the Small Cap Fund by GW&K to be a material factor in their deliberations at this time. In addition, with respect to fee comparisons, the Trustees noted that the fee rates to be charged by GW&K are the same as those charged by TAMRO under the Former Subadvisory Agreement with respect to the Small Cap Fund. Taking into account all of the foregoing, the Trustees concluded that, in light of the nature, extent and quality of the services to be provided by GW&K, and the other considerations noted above with respect to GW&K, the Small Cap Fund’s subadvisory fees are reasonable.

After consideration of the foregoing, the Trustees reached the following conclusions (in addition to the conclusions discussed above) regarding each Agreement: (a) GW&K has demonstrated that it possesses the capability and resources to perform the duties required of it under each Agreement; (b) GW&K’s Investment Strategy is appropriate for pursuing the Small Cap Fund’s investment objectives; (c) GW&K is reasonably likely to execute its investment strategy consistently over time; and (d) GW&K maintains appropriate compliance programs.

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Agreement would be in the best interests of the Small Cap Fund and its shareholders. Accordingly, on January 11, 2016, the Trustees, and separately a majority of the Independent Trustees, voted to approve each Agreement.

Disclosure of Fund Expenses: We believe it is important for you to understand the impact of fees regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average daily net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The following table illustrates each Fund’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee waivers, that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return for the past six-month period, the “Expense Ratio” column shows the period’s annualized expense ratio, and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period. You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the SEC requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess your Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads) and redemption fees, which are described in the prospectus. If these costs were applied to your account, your costs would be higher.

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Additional Information (unaudited) – continued

	Beginning Account Value 11/01/15		Ending Account Value 04/30/16		Expense Ratio(1)		Expenses Paid  During Period(2)
Cornerstone Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$990.40		1.20%		$5.94
Class I		1,000		991.50		0.97%		4.80
Hypothetical 5% Return
Class N		$1,000		$1,018.90		1.20%		$6.02
Class I		1,000		1,020.04		0.97%		4.87
Fairpointe Focused Equity Fund
Actual Fund Return
Class N		$1,000		$990.20		1.15%		$5.69
Class I		1,000		991.30		0.90%		4.46
Hypothetical 5% Return
Class N		$1,000		$1,019.14		1.15%		$5.77
Class I		1,000		1,020.39		0.90%		4.52
River Road Focused Absolute Value Fund(3)
Actual Fund Return
Class N		$1,000		$1,013.00		1.00%		$4.95
Class I		1,000		1,014.00		0.75%		3.71
Hypothetical 5% Return
Class N		$1,000		$1,019.89		1.00%		$5.02
Class I		1,000		1,021.13		0.75%		3.77
Herndon Large Cap Value Fund
Actual Fund Return
Class N		$1,000		$947.10		1.20%		$5.81
Class I		1,000		948.40		0.94%		4.55
Hypothetical 5% Return
Class N		$1,000		$1,018.90		1.20%		$6.02
Class I		1,000		1,020.19		0.94%		4.72
Montag & Caldwell Growth Fund
Actual Fund Return
Class N		$1,000		$977.20		1.12%		$5.51
Class I		1,000		978.40		0.87%		4.28
Class R		1,000		976.20		1.37%		6.73
Hypothetical 5% Return
Class N		$1,000		$1,019.29		1.12%		$5.62
Class I		1,000		1,020.54		0.87%		4.37
Class R		1,000		1,018.00		1.37%		6.87
River Road Dividend All Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,056.80		1.12%		$5.73
Class I		1,000		1,058.10		0.87%		4.45
Hypothetical 5% Return
Class N		$1,000		$1,019.29		1.12%		$5.62
Class I		1,000		1,020.54		0.87%		4.37
River Road Dividend All Cap Value Fund II
Actual Fund Return
Class N		$1,000		$1,055.00		1.19%		$6.08
Class I		1,000		1,056.30		0.94%		4.81
Hypothetical 5% Return
Class N		$1,000		$1,018.95		1.19%		$5.97
Class I		1,000		1,020.19		0.94%		4.72
Fairpointe Mid Cap Fund
Actual Fund Return
Class N		$1,000		$1,014.60		1.13%		$5.66
Class I		1,000		1,015.90		0.88%		4.41
Hypothetical 5% Return
Class N		$1,000		$1,019.24		1.13%		$5.67
Class I		1,000		1,020.49		0.88%		4.42

	Beginning Account Value 11/01/15		Ending Account Value 04/30/16		Expense Ratio(1)			Expenses Paid  During Period(2)
Montag & Caldwell Mid Cap Growth Fund
Actual Fund Return
Class N		$1,000		$999.80		1.25	%		$6.22
Class I		1,000		1,000.80		1.00	%		4.97
Hypothetical 5% Return
Class N		$1,000		$1,018.65		1.25	%		$6.27
Class I		1,000		1,019.89		1.00	%		5.02
LMCG Small Cap Growth Fund
Actual Fund Return
Class N		$1,000		$844.70		1.35	%		$6.19
Class I		1,000		845.10		1.10	%		5.05
Hypothetical 5% Return
Class N		$1,000		$1,018.15		1.35	%		$6.77
Class I		1,000		1,019.39		1.10	%		5.52
River Road Independent Value Fund
Actual Fund Return
Class N		$1,000		$1,084.90		1.42	%		$7.36
Class I		1,000		1,086.90		1.17	%		6.07
Hypothetical 5% Return
Class N		$1,000		$1,017.80		1.42	%		$7.12
Class I		1,000		1,019.05		1.17	%		5.87
River Road Select Value Fund
Actual Fund Return
Class N		$1,000		$1,036.20		1.50	%		$7.59
Class I		1,000		1,037.80		1.25	%		6.33
Hypothetical 5% Return
Class N		$1,000		$1,017.40		1.50	%		$7.52
Class I		1,000		1,018.65		1.25	%		6.27
River Road Small Cap Value Fund
Actual Fund Return
Class N		$1,000		$1,011.10		1.36	%		$6.80
Class I		1,000		1,012.70		1.11	%		5.55
Hypothetical 5% Return
Class N		$1,000		$1,018.10		1.36	%		$6.82
Class I		1,000		1,019.34		1.11	%		5.57
Silvercrest Small Cap Fund
Actual Fund Return
Class N		$1,000		$990.10		1.40	%		$6.93
Class I		1,000		991.50		1.15	%		5.69
Hypothetical 5% Return
Class N		$1,000		$1,017.90		1.40	%		$7.02
Class I		1,000		1,019.14		1.15	%		5.77
Small Cap Fund
Actual Fund Return
Class N		$1,000		$930.60		1.42	%		$6.82
Class I		1,000		931.60		1.17	%		5.62
Hypothetical 5% Return
Class N		$1,000		$1,017.80		1.42	%		$7.12
Class I		1,000		1,019.05		1.17	%		5.87
DoubleLine Core Plus Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,020.50		0.94	%		$4.72
Class I		1,000		1,020.80		0.69	%		3.47
Hypothetical 5% Return
Class N		$1,000		$1,020.19		0.94	%		$4.72
Class I		1,000		1,021.43		0.69	%		3.47

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Additional Information (unaudited) – continued

	Beginning Account Value 11/01/15		Ending Account Value 04/30/16		Expense Ratio(1)			Expenses Paid  During Period(2)
TCH Fixed Income Fund
Actual Fund Return
Class N		$1,000		$1,023.60		0.94	%		$4.73
Class I		1,000		1,024.90		0.69	%		3.47
Hypothetical 5% Return
Class N		$1,000		$1,020.19		0.94	%		$4.72
Class I		1,000		1,021.43		0.69	%		3.47
Anchor Capital Enhanced Equity Fund
Actual Fund Return
Class N		$1,000		$1,005.40		1.27	%		$6.33
Class I		1,000		1,006.80		1.02	%		5.09
Hypothetical 5% Return
Class N		$1,000		$1,018.55		1.27	%		$6.37
Class I		1,000		1,019.79		1.02	%		5.12
Lake Partners LASSO Alternatives Fund
Actual Fund Return
Class N		$1,000		$984.10		1.40	%		$6.91
Class I		1,000		985.00		1.15	%		5.68
Hypothetical 5% Return
Class N		$1,000		$1,017.90		1.40	%		$7.02
Class I		1,000		1,019.14		1.15	%		5.77
River Road Long-Short Fund(4)
Actual Fund Return
Class N		$1,000		$984.00		1.70	%		$8.39
Class I		1,000		985.00		1.45	%		7.16
Hypothetical 5% Return
Class N		$1,000		$1,016.41		1.70	%		$8.52
Class I		1,000		1,017.65		1.45	%		7.27
Barings International Fund
Actual Fund Return
Class N		$1,000		$959.40		1.40	%		$6.82
Class I		1,000		960.50		1.15	%		5.61
Hypothetical 5% Return
Class N		$1,000		$1,017.90		1.40	%		$7.02
Class I		1,000		1,019.14		1.15	%		5.77
Guardian Capital Global Dividend Fund
Actual Fund Return
Class N		$1,000		$986.90		1.30	%		$6.42
Class I		1,000		989.00		1.05	%		5.19
Hypothetical 5% Return
Class N		$1,000		$1,018.40		1.30	%		$6.52
Class I		1,000		1,019.64		1.05	%		5.27
LMCG Emerging Markets Fund
Actual Fund Return
Class N		$1,000		$971.70		1.43	%		$7.01
Class I		1,000		973.30		1.18	%		5.79
Hypothetical 5% Return
Class N		$1,000		$1,017.75		1.43	%		$7.17
Class I		1,000		1,019.00		1.18	%		5.92
Pictet International Fund
Actual Fund Return
Class N		$1,000		$1,001.50		1.40	%		$6.97
Class I		1,000		1,002.00		1.15	%		5.72
Hypothetical 5% Return
Class N		$1,000		$1,017.90		1.40	%		$7.02
Class I		1,000		1,019.14		1.15	%		5.77

	Beginning Account Value 11/01/15		Ending Account Value 04/30/16		Expense Ratio(1)			Expenses Paid  During Period(2)
Value Partners Asia Dividend Fund(5)
Actual Fund Return
Class N		$1,000		$1,015.00		1.40	%		$5.24
Class I		1,000		1,015.00		1.15	%��		4.31
Hypothetical 5% Return
Class N		$1,000		$1,017.90		1.40	%		$7.02
Class I		1,000		1,019.14		1.15	%		5.77
Harrison Street Real Estate Fund
Actual Fund Return
Class N		$1,000		$1,054.80		1.37	%		$7.00
Class I		1,000		1,056.00		1.12	%		5.73
Hypothetical 5% Return
Class N		$1,000		$1,018.05		1.37	%		$6.87
Class I		1,000		1,019.29		1.12	%		5.62
Montag & Caldwell Balanced Fund
Actual Fund Return
Class N		$1,000		$996.20		1.20	%		$5.96
Class I		1,000		996.70		1.10	%		5.46
Hypothetical 5% Return
Class N		$1,000		$1,018.90		1.20	%		$6.02
Class I		1,000		1,019.39		1.10	%		5.52

(1) Annualized, based on the Fund’s most recent fiscal half-year expenses.

(2) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182) or partial year, if applicable, for the actual return and multiplied by the most recent fiscal half-year for the hypothetical 5% return, then divided by 366. Expense ratios do not include interest expense, if applicable.

(3) The commencement of investment operations for River Road Focused Absolute Value Fund is November 3, 2015.

(4) Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 3.36% and 3.11% for Class N and Class I, respectively and your actual and hypothetical expenses paid during the period would be $16.57 and $16.78 and $15.35 and $15.54 for Class N and Class I, respectively.

(5) The commencement of investment operations for Value Partners Asia Dividend Fund is December 16, 2015.

167

Aston Funds

ADVISER

Aston Asset Management, LLC

120 N. LaSalle Street, 25^th Floor

Chicago, IL 60602

SUBADVISERS

Anchor Capital Advisors LLC

One Post Office Square, Suite 3850

Boston, MA 02109

Baring International Investment Limited

155 Bishopsgate

London, EC2M 3XY UK

Cornerstone Investment Partners, LLC

Phipps Tower

3438 Peachtree Road NE, Suite 900

Atlanta, GA 30326

DoubleLine Capital LP

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

Fairpointe Capital LLC

One North Franklin, Suite 3300

Chicago, IL 60606

Guardian Capital LP

199 Bay Street, Suite 3100

Toronto, ON, M5L 1E8

GW&K Investment Management, LLC

222 Berkeley Street, 15^th Floor

Boston, MA 02116

Harrison Street Securities, LLC

71 South Wacker Drive, Suite 3575

Chicago, IL 60606

Herndon Capital Management, LLC

191 Peachtree Street, NE, Suite 2500

Atlanta, GA 30303

Lake Partners, Inc.

4 High Ridge Park, Suite 300

Stamford, CT 06905

LMCG Investments, LLC

200 Clarendon Street, 28^th Floor

Boston, MA 02116

SUBADVISERS - continued

Montag & Caldwell, LLC

3455 Peachtree Road NE, Suite 1200

Atlanta, GA 30326

Pictet Asset Management Limited

120 London Wall

London, EC2Y 5ET UK

River Road Asset Management, LLC

Meidinger Tower, Suite 2000

462 South Fourth Street

Louisville, KY 40202

Silvercrest Asset Management Group LLC

1330 Avenue of the Americas, 38^th Floor

New York, NY 10019

Taplin, Canida & Habacht LLC

1001 Brickell Bay Drive, Suite 2100

Miami, FL 33131

Value Partners Hong Kong Limited

9^th Floor, Nexxus Building

41 Connaught Road Central

Hong Kong

SHAREHOLDER SERVICES

Aston Funds

P.O. Box 9765

Providence, RI 02940

DISTRIBUTOR

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

OFFICERS

Jeffrey T. Cerutti, President, Chief Executive Officer and Principal Executive Officer

Keitha L. Kinne Chief Operating Officer

Donald S. Rumery, Treasurer, Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer

Gerald F. Dillenburg, Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer

Mark J. Duggan, Secretary and Chief Legal Officer

John C. Ball, Assistant Treasurer

Laura M. Curylo, Assistant Treasurer

James A. Dimmick, Assistant Secretary

Maureen A. Meredith, Assistant Secretary

Marc Peirce, Assistant Secretary

Diana R. Podgorny, Assistant Secretary

Patrick J. Spellman, Anti-Money Laundering Compliance Officer

CUSTODIAN

The Bank of New York Mellon

2 Hanson Street

Brooklyn, NY 11217

LEGAL COUNSEL

Vedder Price P.C.

222 N. LaSalle Street

Chicago, IL 60601

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

101 Seaport Boulevard Suite 500

Boston, MA 02210

THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING 800-992-8151.

168

Guide to Shareholder Benefits

We’re delighted to offer all Aston Funds shareholders a variety of services and convenient options. To receive more information about any of these benefits, simply call an Investor Services Associate Monday through Friday, 9 a.m. – 7 p.m. Eastern Time.

THE EASY WAY TO ADD TO YOUR ACCOUNT: START AN AUTOMATIC INVESTMENT PLAN

For Class N shareholders, systematic investing is an easy, effortless way to help reach any investment goal. Just choose a fixed amount, and we’ll automatically deduct it from your checking or savings account on a regular schedule and invest it in your Aston Funds account. Periodic investment plans involve continuous investments in securities regardless of price. You should consider your financial ability to continue to purchase shares through periods of both high and low price levels. This plan does not assure a profit and does not protect against loss in declining markets.

COMPOUND YOUR EARNINGS WITH AUTOMATIC DIVIDEND REINVESTMENT

By automatically reinvesting dividends into your Fund account, profits have the opportunity to mount. Monthly and quarterly dividends and annual capital gain distributions are reinvested at no charge.

ACCESS INFORMATION AND MAKE TRANSACTIONS ONLINE AT OUR WEBSITE

You can open a new account, access account balances, view statements, obtain fund information, and make transactions online 24 hours a day, 7 days a week.

www.astonfunds.com

Our Automated Shareholder Services Line Is at Your Service 24 Hours a Day

800-992-8151

Investor Services

Associates are available to assist you Monday – Friday 9 a.m. to 7 p.m., Eastern Time. Or, call any time, day or night, for automated account information to make exchanges or check fund performance.

Aston Funds

P.O. Box 9765

Providence, RI 02940

ATSEM 16

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                                 Aston Funds                                                                                 

By (Signature and Title)*        /s/ Jeffrey T. Cerutti                                                                       

Jeffrey T. Cerutti, President, Chief Executive Officer and Principal

Executive Officer

Date        July 7, 2016                                                                                                                                   

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*        /s/ Jeffrey T. Cerutti                                                                       

Jeffrey T. Cerutti, President, Chief Executive Officer and Principal

Executive Officer

Date        July 7, 2016                                                                                                                                   

By (Signature and Title)*        /s/ Donald S. Rumery                                                                   

Donald S. Rumery, Treasurer, Chief Financial Officer and Principal

Financial Officer

Date        July 7, 2016                                                                                                                                   

^* Print the name and title of each signing officer under his or her signature.